Not at all. Just simply create a new folder and put it in there.
What has happened here is that Transcend was built for use with the mv_models.vp
file. The file allows you to use high poly models in the game which look much better than the standard FS2 models.
If you don't have that have that file you have two choices. Add the model manually (nuclear's post) or add a table file that tells the game to use the original version (Ransom's post).
Since you don't have any need for either of those files unless you have the particular problem you've encountered there was no need for you to have either of the folders they would go into until now.