Post any defects you find in the released or beta versions of the ImageMagick software here. Include the ImageMagick version, OS, and any command-line required to reproduce the problem. Got a patch for a bug? Post it here.
If the grayscale PSD has background transparency and alpha transparency, IM is using the alpha transparency in stead of the background transparency. This is inconsistent with rgb PSD file with both transparency and with grayscale and rgb TIFF files.