The the last update (10.9.3) of OS X Mavericks broke my imovie

have recently updated both iMovie as well as Mavericks OS and now I am having trouble opening iMovie. When I click on the icon, it bounces for a few seconds as normal but then nothing loads. When I left click on the icon I am given options including Force Quit of which I click. It then asks if I wish to send a report and below are the details of the report. Any help would be appreciated.

Date/Time: 2014-05-18 21:17:37 +0200

OS Version: 10.9.3 (Build 13D65)

Architecture: x86_64

Report Version: 18

Command: iMovie

Path: /Applications/iMovie.app/Contents/MacOS/iMovie

Version: 10.0.3 (245586)

Build Version: 1

Project Name: iMovieX

Source Version: 24558006035000000

App Item ID: 408981434

App External ID: 521012678

Parent: launchd [283]

PID: 848

Event: hang

Duration: 0.76s (process was unresponsive for 10 seconds before sampling)

Steps: 8 (100ms sampling interval)

Hardware model: MacBookPro8,1

Active cpus: 4

Fan speed: 2009 rpm

Free pages: 10802 pages (-5669)

Pageins: 1 pages

Pageouts: 0 pages

Swapins: 0 pages

Swapouts: 0 pages

Process: iMovie [848]

Path: /Applications/iMovie.app/Contents/MacOS/iMovie

Architecture: x86_64

Parent: launchd [283]

UID: 501

Task size: 61715 pages (+4613)

CPU Time: 0.733s

Note: Unresponsive for 10 seconds before sampling

MacBook Pro, OS X Mavericks (10.9.3)