I have further information.
I use ARAnyM 0.9.14 on Windows XP.
My test is "cat /host/clipbrd/scrap.txt".

1) On Windows, I copy some text from Notepad or any plain text application. Then in MiNT, I do the above cat command. I see my copied text, as expected.

2) I copy some text from Microsoft Word 2007. cat does not display anything. This is wrong because I can paste that text into Notepad.

3) I copy a file from the Windows Explorer. This causes a Bus Error inside FreeMiNT:
pid 4 (cat): BUS ERROR: User PC=96FB0, Address: AF000000
Furthermore, the Windows clipboard is totally unusable until I close ARAnyM.

This looks like the clipboard data type is not handled as it should inside ARAnyM.