Error saving content type settings the first time

The first time you go to http://example.com/admin/config/content/panelizer/node/[type]/settings and hit the save button it will give this error:

D6:

warning: Invalid argument supplied for foreach() in sites/all/modules/contrib/panels/panels.module on line 849.
warning: Invalid argument supplied for foreach() in sites/all/modules/contrib/panels/includes/plugins.inc on line 99.

D7:

Notice: Trying to get property of non-object in panels_save_display() (line 863 of sites/all/modules/contrib/panels/panels.module).
Warning: Invalid argument supplied for foreach() in panels_save_display() (line 863 of sites/all/modules/contrib/panels/panels.module).
Notice: Trying to get property of non-object in panels_clear_cached_content() (line 100 of sites/all/modules/contrib/panels/includes/plugins.inc).
Warning: Invalid argument supplied for foreach() in panels_clear_cached_content() (line 100 of sites/all/modules/contrib/panels/includes/plugins.inc).
Notice: Trying to get property of non-object in panels_save_display() (line 922 of sites/all/modules/contrib/panels/panels.module).
Notice: Trying to get property of non-object in panelizer_export_save_callback() (line 452 of sites/all/modules/contrib/panelizer/panelizer.module).

Both D6 and D7 have the same problem stemming from this line:

    ctools_export_crud_save('panelizer_defaults', $panelizer);

When this executes, the $panelizer object includes the $panelizer->display object, an instance of panels_display, which does not get saved correctly.