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Hi all,
I believe I've gotten to the bottom of this, and the problem is incorrect documentation, both in the read/write_annotation.m files and in the wiki.
Taking the FreeSurfer C source as the de facto specification, we can refer to the colortab.c file. Here, the labels are not constructed or decoded using the transparency (255 - alpha) information at all, but are simply
(R + G << 8 + B << 16).
For more complete discussion, see:
https://github.com/nipy/nibabel/issues/649#issuecomment-424755969
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