Can't import a trailer from iMovie on iPad to my imac

Followed the instructions on the ipad to share the trailer in iTunes and was able to save the trailer to the mac but when I tried to import it into the latest version of imovie on the mac I get an error message that says this version of imovie on the mac can't import trailers from the ipad version.

Went into iMovie on the Mac and chose import iMovie for ios project and the tailer is grayed out where it was saved.

Running OS X 10.8 (Mt Lion) on iMac with 2.8GHz Core 2 processor

Anyone know what my options are?

Thanks

Mike