Solved It!
Problem was that the grid control was also bound to the same dataset that the business object was trying to use on the form.
I had to trick the MM Infragistics UltraWinGrid by telling it I wanted to setup binding manually and then on the Edit Schema dialog (of the UltraGrid designer) selected import schema from DataSource.
This insured that the Data Source and Data Member properties of the UltraGrid were blank.
Infragistics can only work with Designer referenced objects for databinding and schema creation at design time so an additional step is required prior to having the UltraGrid configured as described above.
You must first drag a dataset to the WinForm designer and under Typed dataset selected referenced datasets.
Magically your MM.NET datasets that are referenced in the WinForm are displayed.
Select the desired dataset to be used for the UltraGrid schema creation.