VRML97 import into 2.25 then exported as .blend looses materials

Exported from Max as VRML97. I’ve got good geometry and materials called out imported as VRML97 into Blender 2.25. I want to save it out as .blend file to use in 2.41. Appears to save fine, but when I reopen that .blend in 2.25 or 2.41 the materials blocks are all gone.

Any workarounds.