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cd I've seen this strange problem. My first object gets created and textured fine. The second instance to use the same texture causes the transprency to be dropped.
Each time I create the texture for each object, I applied the color key. Since the color key had already been applied, the color key transparency gets borked and fills in black.
I fixed it by loading all my textures once and applying the color key. Then, the each object just loads the texture out of memory.