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the alpha channel of some graphics seems to ignore that the alpha is not b&w but grayscale.
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some projects (created in 1.5) like to do weird things for no reason when i open them again - only fix is to export the whole project as prefab and reimport it in a new project. Seems like there are gremlins living in 1.5.
oh - i had transparent parts in the non alpha graphic of the PS file - that causes the problem with no grayscale alpha channel.