Well, IMAGE didn't really work for me, but I'm afraid that I can proudly report some kind of bug: What I did, I started to remove clip by clip to see when the phantom text will disappear, and to my amazement, I deleted all video clips and it was still there. When I wanted to remove last video track from VP, of course, didn't let me since that was "You can't delete last audio or video track". Then I started removing audio clips and subsequently tracks and only when I remove last audio clip everything went to - empty.
Thank you for your help. Looks like I have to re-do everything from scratch.
Cheers