To add to my previous post, it was necessary to set the field order of the graphics sequence to NONE – (because the graphics were cut in from the sequence rather than ripping out the individual layers into separate files – I didn’t start the project!).
As a side note, because I work on projects that have a lot of graphics revisions, I am trying to understand why people would use layered PSDs for import. While it might be easier for the designer, it seems to be a bit of a bear for the editor.