I have just got M32C now so I was able to do this test. And yes I am seeing what you are seeing now James. Firstly it is to do with Range editing. It is NOT the other channel of a supposed stereo track. The mono file comes in as per normal except this green line represents the level of the track. If you swipe a range for example (with the Range tool) then press D e.g. the Draw tool you can lower the volume of the line above over the range you have selected.
Studio One has something similar except it is buried in the automation pages where it sort of belongs. If you press the hand tool with the finger that line goes away as well as
Bob has also mentioned.
Mixbus 4 behaves slightly different to this. The mono file comes in as per normal. (no green line) You can get that green line though by selecting the range tool and then it pops up. And you can get the draw tool and do the same thing e.g. increase or lower the level of the green line e.g. volume over the range.
Just out of interest I have found M32C is a little more unstable compared to Mixbus 4 as well. But I bet M32C V4 will be great though when it comes out.
Sorry
James if this is old news and you have already sorted it. I only just got M32C the other day. It is interesting how M32C and Mixbus 4 behave slightly differently with this though. This volume/range automation line just comes up automatically on M32C but on Mixbus you have to make it happen e.g. it defaults to no volume/range automation being displayed. And this automation too would be in conjunction with the track automation. I guess that they are allowing you to fine tune ranges within a track. Which is sort of cool too.