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BUMP

Has this issue ever been resolved? I am constantly running into this same issue when converting foliage assets over.

Thanks,
OJ

I just figured out the issue.

Make sure the offending Vray material's "refract color" is set to 0,0,0 black. Check the swatch; because even though it may appear to be black, it's probably not. Once you set the refract color to black, run the material converter and it should properly convert to a glossy material instead of a specular material.