Baking Particles from Thinking Particles

did you try the "Export" operator in TP? It creates keyframes Max objects in the scene for each particle. If particles fragment or VB or change shape it will add visibility keys during those transitions (and new objects for the shape change).

Hi,

I am not sure but this comes to my mind:

http://www.boomerlabs.com/cart/product.php?productid=16&cat=6&page=1

http://www.thinkboxsoftware.com/frost/

Maybe you wanna check it out,
Cheers