Lightwave, via the Poser plug in, actually re-creates all the Poser files in .lwo format. It then uses Poser as a displacement plugin to move the parts around. When you import the files you can choose to triangulate the mesh, which certainly helps with some of the characters. You can then completely change the textures on the figures if you want but you can't change the mesh or rename anything. Unfortunately the Poser/Lightwave combination only works with ProPack and up to Lightwave 6.5.

Before they made me they broke the mold!
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