iMovie 11 not importing previous iMovie projects from hard drive

I bought a new Mac and transferred my nearly complete iMovie project (~iMovie 08) and all of the corresponding files onto a hard drive. Now I am trying to import those files onto my new Macs iMovie 11. New iMovie recognizes all of the individual movie clips, but won't open the iMovie projects (i.e., the names appear in light gray text but can't be opened). I really don't want to recreate the entire movie from scratch and don't understand why the project isn't opening exactly as it was before.

Any help would be much appreciated.