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.
I used the following command (ImageMagick 6.3.4) to convert a TIFF (with an alpha mask) to an EPS:
convert BigE-masked.tif eps3:BigE-masked.eps
The resulting EPS file looks corrupted, with alternating horizontal bands of opaque and transparent image. Here's what an opaque and a transparent image look like, side by side:
The original input TIFF and output EPS files are here: