There are lots of posts in the community regarding this problem as well as many workarounds specified. You can look at VMware KB: Virtual machine fails to boot with a blue diagnostic screen stating: 7B Stop Code after using VMware Conv…. You can verify the destination virtual machine has SCSI BusLogic virtual disks (not IDE - this is a common reason for this error). You can also try to stop any HP-specific device drivers that are not needed in the virtual machine.
Additional information:
http://communities.vmware.com/thread/439841?start=0&tstart=0
You can search communities for other solutions.