Hi,
I think I have more or less the same problem.
When I set the pone to lost mode nothing happens though the application manager should be disabled. It is still possible to switch off the admin mode for anti theft and afterwards it is possible to uninstall anti theft.
When I add the "Lock" option for the lost mode as written above the phone is getting locked after starting the lost mode. So it seems the phone gets into the right mode but does not disable the phone settings and the aplication manager as set in the anti theft settings for the lost mode.
Any ideas?
ducster