3dsmax5 with physique and exporting with panda x works fine for me.
Apply the reset xform modifier (in the utilities section) all of the objects in your scene (excluding lights, bones etc) and then convert all of them to an editable mesh. Then assign physique or skin modifier, set the envelopes and animate your model. Then using the panda x exporter (make sure you have the latest version) to export your model.
Make sure that the following options are selected:
in the 3ds max ojbects tab enable "include animation" and "bones" options. disable "optimization" and "dummy" options.
in the animations tab, enable "matrix keys" and set the animation sampling rate to "10" (you can try lower or higher options but 10 seems to work alright, if set to "1" it doesn't work at all). Enable the "include animation options" option and set the type to "open" and the pos.quality to "spline positions".
in the xfile settings tab, set the dx file type to "binary with compression" (others work fine but this option produces a smaller file size) and set the dx frame to "sub frame hierachy"
And your done

Just click OK and the export is completed.
However, the model will have thousands of frames so a model with 25 frames ends up having 2038 frames. This means that if imported into dbpro the model will seem like it isn't animating. Just crank up the animation speed by using the "set object speed" command to a high value.
Hope this helps
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