After updating Final Cut X with Libraries feature most of media has turned to red "missing proxy".

I opened Final Cut X this morning and it told me I could not work on my projects until I updated them to Libraries. I made the update and now most everything has the red "missing proxy" screen on it. I am very upset because I have been working on a big project for 2 weeks and cannot work until this is resolved. Where are my projects???? Why is everything in red??? Somebody PLEASE advise!!

This is a very common question and has been answered many times. Have you searched this forum with your query? Did you save your old projects/events or are they in the trash?
https://discussions.apple.com/message/24351064#24351064
http://www.fcp.co/final-cut-pro/tutorials/1304-upgrade-your-events-and-projects- to-fcpx-10-1-libraries-the-smart-way
http://www.larryjordan.biz/fcpx-101-media-management/
   Does this help?

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