Apparently f77 spawns the license server when run (clmd_absoft). It sticks around for a while. When then switching from 10.1 to 9.2, if you run the 9.2 f77 without waiting very long, it'll connect to the 10.1 license server, which does not know about the 9.2 license data file.
Solution is to kill the server and/or append the 9.2 to the 10.1 license data file and vice versa. Then either server has all the necessary licenses.