Comment 9 for bug 913273

Confirmed, downgrading to 0.9.10-0ubuntu2 from Precise works ok.
No other changes (to configs, etc) other than the fact that forcing that version of pcmanfm pulled in some other older versions of other packages.

root@noexcuse:~# apt-cache policy pcmanfm
pcmanfm:
  Installed: 1.0.1-0ubuntu1
  Candidate: 1.1.0-0ubuntu2
  Version table:
     1.1.0-0ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ raring/universe i386 Packages
     1.1.0-0ubuntu1~precise.1 0
        -10 http://packages.bodhilinux.com/bodhi/ precise/testing i386 Packages
 *** 1.0.1-0ubuntu1 0
        500 http://archive.ubuntu.com/ubuntu/ quantal/universe i386 Packages
        100 /var/lib/dpkg/status
     0.9.10-0ubuntu2 0
        500 http://archive.ubuntu.com/ubuntu/ precise/universe i386 Packages

root@noexcuse:~# apt-get install pcmanfm=0.9.10-0ubuntu2
Reading package lists... Done
Building dependency tree
Reading state information... Done
The following packages were automatically installed and are no longer required:
  libfm-gtk-bin libfm-gtk3 libfm3
Use 'apt-get autoremove' to remove them.
The following extra packages will be installed:
  libfm-gtk1 libfm1 libmenu-cache1
The following NEW packages will be installed:
  libfm-gtk1 libfm1 libmenu-cache1
The following packages will be DOWNGRADED:
  pcmanfm
0 upgraded, 3 newly installed, 1 downgraded, 0 to remove and 1 not upgraded.
Need to get 51.5 kB/455 kB of archives.
After this operation, 447 kB of additional disk space will be used.
Do you want to continue [Y/n]?

And now "pcmanfm --desktop" uses 0.7% cpu instead of 99%
root@noexcuse:~# ps auxw |grep pcmanfm
bkw 2580 0.7 0.5 84044 10428 pts/3 S+ 14:52 0:00 pcmanfm --desktop