can imovie 09 read imovie 06 projects?

[bloo]

i have iMovie 09 but i'm trying to open a project created in iMovie 06.

is this possible?

 

[JediMeister]

I know that '08 could import '06 projects with some loss of video effects and conversion of transitions to a default type. This was accessed from the File menu where you could import from a camera or from a local file in Finder. I don't have '09 but I would assume it ought to have the same capability.