Hi Howard,
The model is fine – no need to re-export.
Unfortunately, during the conversion of the plugin to an import/export plugin for 3DC, I lost the ability to check the texture has an alpha channel so the .texture.txt file is missing a line to tell TRS where to get the alpha channel from
e.g.
[b:e9qrre2y]Primary=2021w.TGA
Alpha=2021w.TGA
Tile=st[/b:e9qrre2y]
Just use notepad to edit the .texture.txt file for the TGA files you’ve used.
I’ll fix this one day (with another custom material field)