Problem: I am experiencing the same error message in Premiere CS5. I am trying to import a timeline produced in/exported from Bee’s Timeline 3D.
Solution: When I “convert” it using iSkysoft Media Converter to the exact same dimensions, format, etc, it imports fine.
Analysis: This leads me to believe that it has something to do with the file structure produced by certain software. At least it can be remedied by “converting” the file. Hope this helps.