That is strange because we run what seems to be an identical setup and have never had a problem with two or even three versions running simultaneously. In out setup, we have a PBDLLS folder that contains the PowerBuilder runtime dlls (excluding any .NET DLLs). This folder is included in the workstation's path. We also have a PBEEXC folder that contains our compiled PowerBuilder applications, .EXEs and .PBDs an any necessary .NET DLLs. In our PBDLLS folder most of the PB DLLS are version named, PBVM125.DLL, PB170.DLL so there is no issue. The ones that are not such LIBJCC.DLL, LIBJUTILS.DLL, LIBSYBUNIC.DLL have always been backward compatible.
The exclusive issue we ran into was with Sybase.PowerBuilder.DataWindow.Excel12.dll. It is a .NET DLL supporting export to XLSX but does not have a versioned name, so when migrating dependent applications whichever application has the mismatched DLL will blow up upon saving to XLSX. The best workaround we could come up with was to put a flag into our databases that the the applications could read and determine whether or not to give the export to XLSX option, allowing us to disable saving to XLSX any apps that were version mismatched with that DLL.
Your problem sounds darned peculiar because if I am reading your post correctly both PB126 and PB2019 fail with the same message. I could understand new DLLs stepping on old ones and forcing the old version to blow up, but if that is happening, it does not make sense that the new version would blow up as well.
Could some sort of a global update whether by your network people or Microsoft have blown up your computers from running any PB apps? Can you take a step back, and on a machine that is failing with both versions, get PB126 to work in separate folders and PB2109 to work in another set of separate folders. And maybe from there play around to isolate what is causing the issue? Take a look at the DDLs that are not version named, because they are used by both versions maybe one got corrupted? I know it is grasping at straws, but whatever is afflicting you must be something strange.