This has happened now a few times.
Might have something to do with the skinfile still being saved in photoshop while trying to refresh the view? It's fine in full screen and after system reboot in windowed too.

The CMX Viewer has always had this problem.

And it really isn't the CMX viewer's fault as far as I know. Because if you are very fast when saving the skin and then switching to the CMX viewer to refresh the skin, sometimes your graphics program will take a while to save it, causing you to refresh in the process... leaving a blank-incomplete skinfile to load.

If you have Auto-Refresh on, and you keep saving back and forth, resources from your system start to affect the save time I think, and then the CMX Viewer gets out of sync with refreshing correctly probably.

Perhaps the program should only refresh if the file is completely exported, I don't know....

EDIT: Well hmm this looks somewhat different because your text and windows are all messed up.... hmmmm

the viewer usually tells when the file isn't available (saving)

It can do that sometimes, but About 8 out of 10 times when I am making adjustments on a skin and switching back and forth really fast while saving, the skin goes blank and I have to restart the viewer. This is with manual refresh. Auto-refresh can keep up most of the time, but eventually I get the problem where things go blank.

Looks to me like the folder layout hasn't been preserved from the zip file. The CMX viewer needs to have data/xxx folders in it (like CMX, DDS, ABC). This might account for the lack of any textures and the weird text.

I once was that quick to refresh the skin in cmx viewer while still saving the .jpg... But mine crashed immediately, no chance to get this bug...