Hello, Ron
I've not seen anything like this myself, but here are a few
questions.
1. When loading a flat image, Panini-Pro brings up the dialog for
choosing a source projection.  Have you chosen various projections,
and if so, does that change the picture?   Does adjusting the
parameters of the projection make any difference?
2. If you have a cubic QTVR or 6 cube faces, try loading that.  Any
luck?
3. Does the same thing happen if you load a small image such as a
single photo?
Regards, Tom