P.S. It's not that my default runtime is in a different place.

I already have a second MM1 file there just to check

C:\Users\<me>\Documents\Poser 11 Content\Runtime\Libraries\Materials\MatmaticDemos\BB matmatic candle flame.mm1.txt

After running matmatic there's nothing new here either. Also with verbose = 2 I'd expect to see something in the debug window.

Note: this is the reason I need to run Matmatic - I'm trying to rebuild the candle flame shader for which bagginsbill posted a matmatic script