Opening iMovie projects in FCE

[Mark O'Brien]

I just received FCE as part of a bundle with my son's new 12" PB G4 for
college. The readme files indicate iMovie projects can be opened in FCE by
choosing File; Open; and clicking on the project file.

When I do that, I get a message stating FCE can only open iMovie 3 project
files. I've tried opening iMovie 2 projects in IM3 and saving them. Same
message.

I've tried opening IM2 projects in IM3, adding a transition, then saving.
Same message.

I've even opened a new project that was started and completed in IM3. Same
message.

Does anybody know the trick to this?

Mark