This test clip shows a problem or quirk importing a Bluff Titler AVI with Alpha Channel into a Sony Vegas project.

In the first scene you see the imported clip which is a PNG image of the highjumper with flames attached to the image in Bluff. Alpha Channel is OFF in the Vegas event.
The second scene shows the same Bluff AVI with alpha channel turned ON set to premultiply (dirty).

Note that the flames are restricted to the original PNG's masked area. Normally in Bluff, the exported video you would see the flames over a transparent background.
Any suggestions on how to fix this? Thanks.