I have, for the past week or so (I forget the date on which I received the cloak), noticed it occasionally seems to disappear from the shoulders down. At first I thought that this was just the shader on it, as nobody else I know with this cloak has run into this issue and I was the only one using the Frumious Blue shader - however, after switching to the Arctic Pearl shader, I found that the cape would still disappear. It seems to reappear as the character spawns, which makes sense, and it seems as though triggering certain animations causes it to vanish - particularly the dance animation (Human Female Hunter), though I suspect that the Gambler's Dodge, which I also use regularly, might trigger it as well. I haven't tested many different animations, however I find myself very frustrated with the loss of cape. No other cape has demonstrated this behavior that I've noticed, and I find it troubling that of my friends I'm the only person who has run into this issue.