Hey Todd thanks for so much for the suggestions. Indeed there are two card slots, and I tried copying files to a second card successfully, but same results when opened in FCP7 log and transfer. I then decided to try ClipWrap and lo and behold, all clips visible. On a hunch, I downloaded FCPX and all clips visible there as well…so it is some issue with FCP7 reading this particular card.
Needless to say, solution found, I am happy to have the clips back.