I have a similar problem with a PCI AMIGO 536epV.92 modem with Intel chip set useing Win 98SE, 900mhz, 630 mb RAM. The modem works fine as long as I'm connected. When the line is released, the Dialup Connection Panel says "Could not detect modem. It may be in use., etc. The Modem Properties panel says, Open Comm, Couldn't open port. I must reboot to bring up the modem Dial Connection again.
The modem setup software selects a virtual port 3 as the serial com port. I have made port 2 inactive in the bios setup, so only serial port 1 and LPT1 shows in the system control panel. I have installed the modem by removing the modem card, re booting the system, then reinstalling the card and letting the system search and install the software when the card is detected. The AT string "AT+MS+V90,0 is being used to make the modem .90v as my ISP does not support .92v. My only clue is that possibly Netscape Commuicator is holding the port open, but it doesn't show up in programs that are still open when using CTR+ALT+DEL. Any insight would be appreciated