Code:

var panel_radius[2] = 10,10; //if both values are equal: circle movement
var panel_pos[2]; //middle point of the circle on which the panel moves
var radius_speed = 10; //the speed of the movement
var status_panel;
var panel_angle;

panel my_panel
{
bmap = cursor_pcx;
layer = 20;
flags = d3d,overlay;
}

function move_panel()
{
while(status_panel)
{
my_panel.pos_x = panel_radius.x * cos(panel_angle);
my_panel.pos_y = panel_radius.y * sin(panel_angle);

panel_angle += radius_speed * time_step;
wait(1);
}
}

function stop_panel()
{
status_panel = 0;
}

function init_panel()
{
panel_pos.x = screen_size.x / 2;
panel_pos.y = screen_size.y / 2;
status_panel = 1;
move_panel();
}


Hope this helps a bit.