Video will not import after updating my iMovie from '09 to '11

I updated my imovie '09 to '11 and now my video files from my camcorder JVC (model GZ_MG330HU) will not import. The video files show up in my iMovie library but when I try to create a project or movie and then share what I have created the files are listed as still on my camera and it says that I need to reimport. It says to go the File Menu and click "Reimport from camera archive" but there is no such option.

I used to import my files with my old iMovie version and create mini home videos but now even those video files are not listed. I would like to reload the old version. How can I do that? Will iMovie '11 get fixed?

Help!