Hi,
A red X indicates that the something threw an exception during the grid's (or any controls) OnPaint method.
The most common cause of this kind of error is a threading issue. Is your application using multiple threads?
The exception message you listed seems to indicate some kind of math error. So I suppose this could occur if you are using images in your grid and those images are extremely large.
Another possibility is that the exception is being raised by some code in your application and it's not showing up in the right place because it's being caught and handled. This will happen in certain event handlers. So you might want to try setting Visual Studio to break on all run-time exceptions and see if it will take you to a specific line of code.
There's no event that fire when the grid's data binding has completed after InitializeLayout, because DataBinding is never complete, it's an ongoing process. If you can post the call stack from the exception, that might provide more of a clue.