In  VB6, an Image control whose Picture property is Nothing has a transparent  background: you can see "through" it but the Image control still  receives mouse events. This technique is often used by VB6 developers to create  clickable "hot spots" over a form or a background image. In this  case, the Image's BorderStyle property is usually set to 0-None, in which case  the Image control becomes invisible, even though it receives mouse events. 
The  problem in converting these controls is that .NET doesn't support Image  controls with transparent background. Setting the control's Visible property to  False doesn't help, because an invisible .NET control doesn't receive mouse  events.
VB Migration Partner solves the problem and converts the application correctly by  setting the Image control's Visible property to False and manually forwarding  all mouse events to the Image control. However, it is important to bear in mind  that this arrangement works only if the BorderStyle property is also set to  0-None. 
This  trick doesn’t work if the Image control’s BorderStyle property is set to  1-FixedSingle. For example, a VB6 application might use such a control to draw  a frame around a rectangular area on a form. In this case, the converted VB.NET  displays a "blank" but opaque Image control that hides what is under  it. Unfortunately, there is no definitive solution to this issue, even though  the following two "half-solutions" should work in the majority of  cases. 
  - If the application doesn't need to detect mouse activity  over the Image control you can replace this control – in the original VB6  program – with a rectangular Shape control whose BorderWidth property is set to  1 or 2 pixels.
- If the application does need to detect mouse activity over  the Image control, you can manually copy the underlying pixels to the  Image.Picture property, for example using a PaintPicture method.