This is a 3ds max quirk. I think.
For max transparency =1 is invisible and transparency =0 is opaque.
In the FBX:
P: "TransparentColor", "Color", "", "A",1,1,1
is for max "invisible"
Changing it to:
P: "TransparentColor", "Color", "", "A",0,0,0
makes the model visible.
I don't know much about FBX and what is the right way to understand "TransparentColor", but that would be the fix for max.
The other way is to just change the opacity slider after loading the model in max.