The system is doing an fsck (file system integrity check) on the panlogs partition. This will happen every 4 reboots for single mount and 8 reboots for Dual Mount Disks or 90 days since the last fsck was performed, whichever first. Depending on the size of the partition, the fsck may take a while. These settings are intentional and cannot be bypassed.
Detail
Here are the logs that show the start and end of that process being launched and ended.
mp\masterd_detail.log 08-07 14:39:52 DEBUG: dsms: Adding
external script /sbin/new-panlogs-check /var/log/pan/panlogs-partition.log,
count 1, event startScriptsDone
mp\masterd_detail.log 08-07 15:29:57 DEBUG: dsms: Got event
startScriptsDone
If the user is on the console, (s)he will see 'wall' (write all) messages to the effect that the fsck is happening.
Note: The admin account (all accounts) is added by the mgmtsrvr process, which can't be started until panlogs are mounted. However, panlogs cannot be mounted until an fsck is done. The admin account isn't added until after this operation is completed and mgmtsrvr is allowed to run on the mounted panlogs.