Gil,
I'm not sure what could be going wrong in your application, but my hunch is that maybe you are mixing up your panel/control handles. In order to successfully accomplish what you are trying to do, each instance of your panel (and its respective controls) will need to have unique handles. I've attached an example project that implements the functionality you are trying to get. It contains a panel with an ActiveX web browser embedded in it and the application opens up that panel in two different threads.
Regards,
E. Sulzer
Applications Engineer
National Instruments
E. Sulzer
Applications Engineer
National Instruments