This morning the drive was mounted, but quickly unmounted shortly after unlocked my imac. I setup a call with Apple and worked through this issue. Here is what they had me do just in case it can save someone else the time/call.
Step 1 - Shutdown your Mac.
Step 2 - Power on and quickly press and hold Command + Option + R + P
Step 3 - While still holding Cmd + Opt + R + P, wait for the white screen and chimes to occur TWICE
Step 4 - Upon rebooting, and if you are using your external as iTunes media drive, hold OPTION and click to open iTunes
If you do the above, you may not have the empty Media Folder setting in iTunes or have to re-authorize your computer. But be aware of that if things still dont look right afterwards.