Note the paths: tv.axon.openembedded for the first bitbake, org.openembedded.dev for the second:

leon@axonnl-092 ~/sandbox/ixp4xx/openembedded $ bitbake -vvv ixp4xx-kernel -c patch | grep Running
NOTE: Running task 1 of 3 (ID: 2, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_fetch)
NOTE: Running task 1 of 3 (ID: 2, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_fetch)
NOTE: Running task 2 of 3 (ID: 0, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_unpack)
NOTE: Running task 1 of 3 (ID: 2, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_fetch)
NOTE: Running task 2 of 3 (ID: 0, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_unpack)
NOTE: Running task 3 of 3 (ID: 1, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_patch)
NOTE: Running task 1 of 3 (ID: 2, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_fetch)
NOTE: Running task 2 of 3 (ID: 0, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_unpack)
NOTE: Running task 3 of 3 (ID: 1, /home/leon/sandbox/openembedded/tv.axon.openembedded/packages/linux/ixp4xx-kernel_2.6.19.bb, do_patch)

leon@axonnl-092 ~/sandbox/ixp4xx/openembedded $ bitbake -vvv ixp4xx-kernel | grep Running
cp: cannot stat `/home/leon/sandbox/openembedded/org.openembedded.dev/packages/linux/linux/defconfig': No such file or directory
NOTE: Running task 218 of 234 (ID: 96, /home/leon/sandbox/openembedded/org.openembedded.dev/packages/linux/linux_2.6.19.bb, do_unpack)
NOTE: Running task 218 of 234 (ID: 96, /home/leon/sandbox/openembedded/org.openembedded.dev/packages/linux/linux_2.6.19.bb, do_unpack)