Merging Phoenix water from another file crashes 3ds Max 2026

When I try to merge Phoenix water (no simulation, just a Pure Ocean) into the new scene I get multiple Stack Overflow errors and 3ds Max 2026 crashes. I have isolated this Phoenix water object in file. I can open it. But I cannot merge it into another scene. I know that there is no support for Phoenix anymore, so I am not sure if I can get help to my problem. I have attached problem file with Phoenix object.
3ds Max 2026.3
V-Ray v7.30.02
PhoenixFD 5.25.00 for V-Ray 7
Water_Phoenix_corrupted_file_cleaned.zip (74.7 KB)

I can’t reproduce it on a simple scene. This particular sim seems broken, as it happens even without pure ocean. I suggest recreating it.