Connect Raster Reference issue

When opening TitleBlock.dgn with v8i - I can see and print Raster Reference attached to dgn file.

When opening same TitleBlock.dgn with Connect Edition Update 7 V 10.07.00.39 I can no longer see or print Raster Reference.

Open with V8i element properties:

Same file element properties opened with Connect:

I looked at configuration setting for:

MS_REF_DEFAULTATTACHDIRECTORY - it shows the correct default reference path

MS_RFDIR - it shows correct default reference path

Checked UPF and made sure Auto-update MS_RFDIR is checked in Raster Manager Category.

Not sure why Connect does not resolve and find raster image and V8i does find the raster image.

Connect View below:

Any ideas? Out of options.

TIA,

Roland Cyr