I had a smililar issue with an eagle model I was working on.
What worked for me was to make a folder in my texturebank folder and drop all my eagle image files into that folder
Then edited my fpe file where it ask for textures and pointed it to my directory I just made and that actually worked for me.
I hope this helps
ps...
I use tga, jpg, dds, bmp files all seem to work with fpsc...
Can't say enough about correct spelling and correct directory structure when addressing a file in your fpe file.
Have you downloaded your CLiPs today.