IMovie Error (I/O error)

Hello,
I'm attempting to free up some space on my hardrive by copying iMovie events from the Event Library to an external hard drive which is also visible in my Event Library.  However, when it begins copying, I get the error code (I/O error).  What does this mean and how can I move the location of these events safely?
Thanks,
G

Here is the exact wording from the dialog box:
"Unable to prepare project for publishing.
The project could not be prepared for publishing because an error occurred. (I/O error)"
I forgot to say that I have tried restarting my Mac, deleting the iMovie plist file, as well as the thumbnail caches, and nothing has helped.  I just tried again, and got the same error.
I have not found a single reference online to an I/O error, which is adding to my dilemma.

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