Your emitter object doesn't have any polys until frame -2 because of the morph, so there's nothing to emit particles from. If you make a copy of the final mesh you want to emit from without the morph and make it non-renderable, then you can birth particles the whole time.
3ds Max 2009 SP1, 2010 SP1
Maya 2012
Windows 7 Professional 64-bit
Dual Intel Xeon E5520, 6 GB Ram
NVIDIA GeForce GTX 460 OC