Fixed!
I don't have a wandboard (I'd really like one - but they are out of my price range at the moment... sob). I was helping someone with their Riotboard running Linaro-Ubuntu, they were having the same problem (they were also wanting to run MineCraft and had the same Java issue). The problem was that Java was referencing /lib/ld-linux-armhf.so.3 which does not exist on the system. In my case when you look at /lib the only load file is /lib/ld-linux.so.3 so I just soft linked them and it works. Below is how I worked it out and what I did to fix it. You may have a different load file, but it's worth a shot.
Enjoy
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# java
-su: /usr/bin/java: No such file or directory
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# strings java
/lib/ld-linux-armhf.so.3
qwwBI
libpthread.so.0
_Jv_RegisterClasses
libjli.so
_ITM_deregisterTMCloneTable
JLI_Launch
__gmon_start__
_ITM_registerTMCloneTable
libdl.so.2
libc.so.6
abort
__libc_start_main
lib.so
$ORIGIN/../lib/arm/jli:$ORIGIN/../lib/arm
SUNWprivate_1.1
GLIBC_2.4
1.8.0_06-b23
java
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# ls /lib/ld*
/lib/ld-linux.so.3
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# ln -s /lib/ld-linux.so.3 /lib/ld-linux-armhf.so.3
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# ls /lib/ld*
/lib/ld-linux-armhf.so.3 /lib/ld-linux.so.3
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin# java -version
java version "1.8.0_06"
Java(TM) SE Runtime Environment (build 1.8.0_06-b23)
Java HotSpot(TM) Client VM (build 25.6-b23, mixed mode)
root@linaro-ubuntu-desktop:/opt/java/jdk1.8.0_06/bin#
TaDa!