Attached Link: http://user.txcyber.com/~sgalls/

Poseray will do it very well and for free. It saves all the Lightwave material settings into an MTL file accompanying the converted mesh which can then be read back into Poser. It really is very good.

There's a brief discussion of it here:

http://www.renderosity.com/messages.ez?Form.ShowMessage=1973187