Yup it's an animation thang! Since LightWave has animation (and nulls) in a separate file, they are positioned absolutely (i.e. not relative to start position). This means that unless the object is animated, the Nulls will stick to where they are created (0,0,0) which is kind of useless. The problem then comes to if you start them at their animation 1 Frame, the absolute positioning adds their current position and sends them into oblivion.
I'll take a look to see what can be done.
I'll take a look to see what can be done.