I'm trying to run appletviewer with disabled security manager so I've passed
-J-Djava.security.manager=none to av.
Both client and server vm in mustang b45 crash:
Error occurred during initialization of VM
java.lang.InternalError: Could not create SecurityManager: none
        at sun.misc.Launcher.<init>(Launcher.java:88)
        at sun.misc.Launcher.<clinit>(Launcher.java:41)
        at java.lang.ClassLoader.initSystemClassLoader(ClassLoader.java:1304)
        at java.lang.ClassLoader.getSystemClassLoader(ClassLoader.java:1286)
#
# An unexpected error has been detected by HotSpot Virtual Machine:
#
# Internal Error (455843455054494F4E530E4350500115 01), pid=5393, tid=1
#
# Java VM: Java HotSpot(TM) Server VM (1.6.0-ea-b45 mixed mode)
# An error report file with more information is saved as hs_err_pid5393.log
#
# If you would like to submit a bug report, please visit:
# http://java.sun.com/webapps/bugreport/crash.jsp
#

Here's my full command line:
/import/java/jdk1.6.0/solaris-sparc/bin/appletviewer -J-Djava.security.manager=none ~/jcg_builds/classlist/mustang/ws.mustang/applications/Applet/JAppletFramer.html

(I've removed a couple of parameters which proved not to be relevant, like -verbose:classes)

The log files from client and server vms are attached, the core file is saved:
/home/tdv/jcg_builds/classlist/mustang/ws.mustang/applications/Applet/coredir/core