Really hard to say. Flipped normals was also my first idea. But I have converted the model to cob and 3ds, and at least in truespace the normals are fine and texture coordinates preserved. Usually flipped normals are visible there. But I noticed that some of the submodels have incorrectly centered axis. When I open the model, the arms and shoulder launchers are displaced (and that quite a lot actually)
Texture and channels also looked ok on the first view, but my experience in that case is not so big.
@Karl : You still have the material reference "vulture" in the model. According to the viewer, I cannot see it used at all in the model. Maybe remove that entry from the ase file and then check again.
Please try this file, I removed the vulture entry completly.http://wcsaga.hard-light.net/team/Starman/downloads/lupus2.ASE
PLS NOTE : I changed the filename so you don't accidently overwrite your original. But don't forget to change your ini file, otherwise you will not use it
If that doesn't work, try the second issue. Rename my texture below to lupus.tga.http://wcsaga.hard-light.net/team/Starman/downloads/concrete.tga
This texture is working correctly, so if the faces are closed ingame with that texture (coordinates will be messed up of course), than you can be sure that the texture is your problem, not the mesh.
BTW, I'm going to bed now, and tomorrow I will not be reachable until the evening. I'm in desperate need of a new OS install, the errors are taking overhand. But I should be finish later the day