How do you remove an item from the Favorites folder in the Library?

I'm new to Motion and trying to learn to use it.

In the Library is the folder called Favorites. I dumped some items in there (things dragged from the Content, Particle Emitters, or Generators folders) that I'd like to remove now.

I assume that these things in the Favorites folder are just aliases of the actual items, but I can't figure out how to get rid of them.

Highlighting an item in the Favorites folder and hitting the Delete key does nothing. Command-Delete also does nothing. Control-clicking on the item doesn't bring up any Move to Trash option. Dragging the item out of the folder and onto the desktop does nothing.

I also created a custom folder inside of the Favorites folder that I don't want anymore, and I can't get rid of that either.

Can anyone tell me how you delete something in that Favorites folder that you no longer want in there?

Tom B.