Notifications incompatibility

With the notifications_content module (http://drupal.org/project/notifications) enabled panel fails to appear.

Steps to reproduce:

1. Minimal drupal 7 install.
2. Enable page manager, views content panes and views_ui.
3. Create a Page content type and submit a content.
4. Create a Content type view called 'Test' with a master display. Leave everything as default (so that our content is displayed by the Test view).
5. Create a panel with path /testpage /frontpage that displays the Test view in its content pane.
6. Go to /testpage /frontpage. The panel appears all right.
7. Enable the notifications_content module
8. Refresh the /testpage /frontpage page. The panel disappears, only the Test view appears. 'Disappears' means there are no panels-* classes and divs in the html source.

If I display the submitted content without views the panel is displayed even with notifications_content enabled. So views is needed to reproduce the bug.

I don't know if this is a notifications, views or panels bug (or all). I'm trying to look into this.