FCP Error: 'This project is unreadable or may be too new for this version of FC'

So my project was working absolutely fine...

and then i get this message after trying to re-open it: 'This project is unreadable or may be too new for this version of FC'

The only thing I can think of is the fact that I did have a couple of video files in the timeline from another project that was open as well. Could that mess things up?

Also, right before I closed FCP, i could no longer drag and drop video transitions or text into my timeline.

Any ideas on how to recover this project?
 
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