igured it out. It is a silly impedement imposed by adobe. The preset that worked the best was AVCHD 1080p 24. But You can not alter the resolution. The key is to change the EDITING MODE under the general tab from AVCHD to something else, I chose DSLR, and like magic it unlocked the resolution setting and I was able to create my 2.39 widescreen preset.
Thanks
Max