Just make sure on path.

With flash develop.
If I have the Main.as in src and the mtl and obj in bin

bin
-->my.obj
-->my.mtl
-->MyprettyImage.jpg

src
-->main.as

I would have to use
var url:String = "../bin/objCube.obj";

if everything is in src then
var url:String = "../src/objCube.obj";

Otherwise it throws either mtl error or parse error.

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