I just installed the first time Black Shark + 1.01b on my windows 7 PC. When I click the "Black Shark 1.01" desktop icon, the window pops up, but it has a white background with yellow fonts "Loading...". Then the window would become completely white and blank, except on the top right corner there is a banner and text "Version 1.01".
If I randomly click somewhere, I may open a submenu which is also displayed in wierd color. It looks to me that that whole menu and interface are there, but in color (inverted?) that not visible on the white background.
By luck I clicked the right button and activated the game. After that I also randomly clicked somewhere and some time I launched the game in game mode and it actually was running fine in the default window.
I'm running Windows 7 64bit Ultimate, e6600/6GB/ATI X1900 (with windows 7 built-in driver), 30" 2560x1600 + 20" 1200x1600 (in portrait), X45 HOTAS. I'm running Lock On Flaming Cliffs no problem on this setup.