Assuming that's the parent track, what do you see when expanding Take Lanes?  It looks like a muted clip sitting between the two others.

So the waveform bug I was talking about above is fixed in the final release.
 
What a brilliant thing the monthly update cycle is. Three day turnaround to report the thing and see it sorted out. Something like that could have hung around for ages in the old way of doing things. Hats off to Cakewalk, and especially Noel and Logan who went to the trouble to contact me directly about it. The only weak link was me, not getting back to them very quickly.

Thanks for the quick turnaround on the update/fix.
You know it's the real deal when both Noel & Craig are in the thread!
Thanks guys!