Creating Collapsible Panel in Flex 4

It is quite common in Flex applications (and other RIAs) to divide screen content into two parts: the navigation/configuration panel on the left and the actual content on the right.
The examples of such apps are FlexStore sample and famous Style Explorer.

I followed this pattern in many projects and several times we come to the point that navigation/configuration panel requires too much space and that there should be a possibility to minimize it. Probably designers of Style Explorer has a similar idea since their navigation control can be minimized. Unfortunately they haven’t created reusable component to do this.
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