It doesn't look like the transparency is set up correctly, if it was you would be able to see some red, green and blue, at the moment you can only see the rgb channel of the animation layer. You need you set up the transparency using the alpha channel of the tga files. If you are using Max, go to the material for the animated layer of the bussards and copy the diffuse map down to the opacity map. Next open the opacity map and change 'Mono Channel Output' to Alpha and 'RGB Channel Output' to Alpha as Gray. This should get them working correctly in renders. It should look more like this, it looks odd but looks much better in game.