Blender 2.49b, VSE doesn't load TGA+alpha correctly

I am trying to overlay TGA image with alpha over my video and I get wrong output.
For some reason VSE doesn’t load TGA+alpha (created in GIMP) correctly.
Here is what I mean:

How to fix that?

hmm… nm, it seems that before creating alpha channel in GIMP, I have to make sure that the background is black. So, if I have my loge over a black background in GIMP and the I apply mask and save the results as TGA with alpha, it works just fine in Blender.