I believe Steven's correct. I was able to shrink-wrap the .OBJ file to create a solid model that would allow me to apply loads and constraints to model. When I try to assign a material file the system goes into an endless loop and I end up having to kill the session.
Recommend seeing if you can have the file provided in a step or iges file format. Those file formats will be easier to work with less overhead.
Thanks,
Don Anderson