Hi,
If you haven't already done so, update your iMovie to current version 10.1.10. See if that helps.
Be sure you have waited a sufficient time for the validating to complete, particularly if you have a large library.
I assume that when you started up iMovie holding down the Option key, you then selected to open iMovie in a new library rather than your old one. If not, try doing that. Once the new library opens, see if you can open your old library.
Another thing to try is to delete preferences. To do that open iMovie while holding down the Option and Command keys and selecting to delete preferences in the box that appears. iMovie will open in a new library that doesn't contain any projects. Then try to reopen your old library.
If still having the problem, try booting up in Safe mode (see Help menu) and, after everything finishes loading, immediately shut down and reboot in normal mode. Sometimes that clears out conflicts.
-- Rich