I am missing my tabs to add Curves, Collection, Gradient, Effects... there were 4 tabs across the bottom of the black workspace. hmmm now gone.. I must of hit a key that hid them or something...
You might want to try this: insert another text object in the same ProType event you had. To do this, simply double-click in an empty area of the PTT workspace. Then delete the new text object and selected the original again. You might have to restart Vegas and PTT.
I once had this problem with V9 and that fixed it.
Yes i have tried both i access the collections by clicking that little 4 square icon below the properties window
and i do have both 12 and 11 installed cuz i just upgraded.. i then opened up 11 and still the same problem... frustrating