I waited a while in case anyone with a real answer came forward first, since they didn't here are a couple of suggestions. As far as I remember many lululee products need a python plugin to work, I think it's called supershaders or something. (If you go to the product page here it should tell you exactly what it is, or look in the product readme.) This used to be free at RDNA, think it was transferred to DAZ. Have you installed this? Not sure why the sexyskins would work on some v4's and not others, if you haven't installed but who knows. Was your v4 bikini default scene originally created with your poser 9? I'm wondering if it brings something into the scene that is needed but missing when you open a new scene in p11

The little spinning wheel often comes up when poser is looking for a file. Depending on your settings and size of runtimes it can take a long time for poser to either find it or give up. Try setting the search to shallow or off in general preference (edit menu, general preferences, library) Then if poser can't find a file it needs you will get the search window appear much quicker to give you a clue what's wrong.

Another spinning wheel problem I've had in the past is when for some reason poser has problems opening a pop up window to report a problem, this could be related to the supershader issue.