"checking network", "initializing", etc is a Control Panel restart.
It does not download a new one on a crash or restart.
There are three reasons this can happen:
1) the Flash Player crashes - i.e., out of memory, or other failure
2) the Control Panel quits - this really only happens during updates
3) the Control Panel hangs.
The Control Panel periodically updates a "heartbeat" file in /tmp. There's a daemon that watches that file to make sure it gets updates regularly - if not, then it assume the Control Panel has hung and will kill the Flash Player.
The shell script that launches the Control Panel has a loop that simply restarts the Control Panel if the Flash Player exits.