2Martin: Unfortunately, I have no access to VBXGRADD sources -- binary only form. (As well as to VBoxMouse sources).
So, please, ask Knut/Oracle. I'm not sure about Panorama in VBox, but I experienced the same glitch with Panorama in
VirtualPC, so it seems to be a common GRADD drivers issue.
PS: Note that VBXGRADD is a renamed GENGRADD from Knut/Oracle version. It is just the same. It's renamed to avoid
collision with ordinary version of gengradd.dll.