Rasters (.tiff files) will not display correctly after opening and then closing a 3D DGN drawing.
The raster's border shows up as though it is still in the file, but it will be blank. The same image in jpeg format displays correctly.
Microstation Select Series 3 has an issue with reading Select Series2 cache files (.cTIFF).
In Raster Manager > Settings >Cache Manager > View Files
search for .cTIFF files.
It is recommended to delete all of the .c.TIFF files.
Also set Workspace > Preference > Raster Manager > Memory > Loadmode to Standard