Again under-informed --> I've seen something like this with alpha_refs the alpha near the color is lighter than the alpha map elsewhere. EDIT - AS a EXAMPLE - So there is a reference point, say full black is 0 alpha then any gray above 128 ranges from 1-100% alpha.

Like I say, under-informed so just a guess, however it does look like non-shade_c transparency problems I've have with the alpha_ref point.
such as here http://www.conitec.net/beta/d3d_alpharef.htm

EDIT2 - Based on what happens in 3ds max. The white can be from none 0 alpha blending with a spec.. So you get little color and fade spec mapping , because the alpha at that point is none 0 or above say 50%