alternative to converting .rat files via icp or iconvert?

[Hun]

You are not by any chance trying to convert an "unusual" png with for example one channel only? A lot of 8bit/channel-formats are only implemented so far by Iconvert/COPs/etc that they need RGB or RGBA but not for example R only (.TGA is the same, the spec allows it, the houdini implementation does not).

You might also check the obvious like not having sufficient rights to write to that directory.

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