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At a guess i'd say it is the way 3dmax 8 puts the obj file together, i have tried numerous times and it always fails, but i can import obj from other formats without any problems.
With your screen shot go to your scen tab and select properties then just browse to where your jpeg picture is and load it in. Dont forget to check the little box to whichever plane your loaded your pic in, this will make it visible then.
Hope thiis helps
Simon
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