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Any ideas? I'm on MaxtoA 2.2.961.0 and Arnold 5.2.1.0. The substance looks more or less as expected in the viewport, but black in active shade AND in the production renderer.
So, thanks to Wes at Allegorithmic, I learned that there is a checkbox under Render Setup, system tab called 'Legacy 3ds Max Map support' that must be checked in order to see substances in the production renderer. It is however a current limitation of the plug-in that an activeshade preview is unavailable so far. They are working with Autodesk to get that situation fixed.