i had this issue with 7.7, but then upgraded and it worked. Upgrade and it should work. Another way to fix is by (in med) edit>manage skins>(click on your skin)>skin settings>texture format>24 bit. That usually works

First of all, try again after the free upgrade of 7.77 (the latest?). Wich version of 3DS Max are you using?

I had a lot of problems with max exports some time ago.
You would do well to purchase a program called UltimateUnwrap.

It imports and exports a wide variety of model formats-- including MDL,X,FBX,3DS. I've used it between 3D Studio Max and Game Studio. That is export from Max, import to Uwrap then export to 3D game studio.

http://www.unwrap3d.com/u3d/index.aspx

It appears to clean up a good bit of what Max screws up and has a coordinate system that jives with 3D Game Studio.

Also:
Make sure your texture dimensions are powers of two; use TGAs, and avoid 32 bit textures while testing.