BIOS revision 1.08 or later is required to boot a Xeon E5-2600 V2 processor. If the PBA# of the board is lower than -354, then you may need a V1 processor to boot the system and upgrade the BIOS/Firmware. See PCN 112336-01 for details.
You may also try to boot with one CPU and one DIMM first. Check the status of the POST Diagnostic LED:
That must be it - there is no green sticker with V2 on the box. I did try the following tshoot procedure but that did not work either.
Intel shipped me an older E5-2600 processor and I was able to update the BIOS and then install the V2 CPUs. Fixed.