Yes this board works a little differently.
when you hit the bold button it adds both the opening and closing tag for the bolded text
like this
[b][/b]
your curser should be focused between the 2 tags, so you can then type out the word or phrase you want bolded.
another thing I've noticed is that after I post it takes me out of the thread, no biggie, but I know you're trying to work out some glitches.
I have to become more familar with the code for this board before I begin making any modifications....I'll take a look and see what I can do.