[Twelve Scissors]

this is amazingly strange.i was recently cutting a TVC in fcp x for the first time and I faced this issue.Initially I thought the codec dsnt support .png file but then how does it shows up?
Later on recollecting FCP 7 interface I was reminded about the Show channels option.
When I changed it the .png came up transparent eventually turning all others things into full white frame.
I was so pissed then I changed the .png to .tiff and .jpg but then I lost the transparent effect i.e I got a white box apart from my Logo.
I lost my cool and restarted and then even did a proper shut down of my i mac still no solution.
Next morning when I sat on the setup I had forgotten about last night and I just happened to drag the .png file over the clip and to my surprise it was DONE……BINGO !!!!

Conclusion – Ideally the .png file does work after multiple re starts and shut downs :p