Project update fails

Pls does anyone know why i am not able to update my project on FCPX 10.1.2. When I try to open up the project (originally started on a previous version of FCPX), FCPX requests that it must be updated to work with the current version. i go ahead an click ok, it starters the update but never makes it through. It would usually freeze (Final cut pro not responding) at the point when its reading the hard drive. Can anyone help with any suggestions?

thanks.

iSilhouette