Everything is working perfectly fine. It's just the Corona Layered Mtl setup is different than the Blend setup you are using.
To see the effect, you will need to make sure that the "cut outs" intersect with each other. I added two black lines in one of the the masks, and you can see that all layers are visible then. (goodresult.jpg)
To visualize what is happening, I split the plane into layers for you. Hope it makes things a bit more clear. (layers.jpg)
;)