Media Composer 3.0 error message

Hello everyone,
I’m using Media Composer v.3.0. on my Mac and the last time I tried to create a new project I’ve encountered a problem. The project just wouldn’t open and I got a failure message:

“Avid Media Composer
Couldn’t open project.”
I’m guessing it was never created properly but I would really appreciate it if you’d post more information on how to solve this. Thanks very much.
