Hi TNGWB,
Welcome to the Support Communities!
A few questions come to mind as I review your comments. You mentioned “It is a project I set aside.” Then you “updated FCPX to 10.1.1 and all my projects.” So, was this project updated with all of the others? Or was it moved to a different location and has not been updated yet? When you open FCPX, do you see the event called Updated Projects? When you click on the Updated Projects Event, do you see this particular project in the Event Browser (it will have a black and grey strip along the top.) Click on the link below for complete instructions including screen shots:
Final Cut Pro X 10.1: Updating and working with libraries FAQ
http://support.apple.com/kb/HT5958?viewlocale=en_US
If the project has not been updated yet, you can update it manually:
Final Cut Pro X Help: Update your projects and events to Final Cut Pro 10.1
http://help.apple.com/finalcutpro/mac/10.1/#ver2df430747
For more information about using libraries in Final Cut Pro X 10.1, click on this article:
Managing Media with Final Cut Pro X Libraries
www.apple.com/final-cut-pro/docs/Media_Management.pdf
Take a look at this information, and see if it sheds some light on your particular situation.
Cheers,
Judy