Iphoto won't open photos,

Question

After upgrading to iPhoto 11, when trying to open photos from the thumbnail in an album, event or in photos the picture appears for a moment and then I get the black exclamation point.This occurs on all but the most recent photos.
iPhoto 11, version 9.4.3, OS 10.8.4
MacBook Air 1.83 core2duo
Tried repair and rebuilding the iPhoto database, repaired permissions and repaired thumbnails.
Opened backup iPhoto library, the issue persists.
Any troubleshooting suggestions?

Answer 1

That's an indication of iPhoto breaking the file path/link to the original file. Apply the two fixes below in order as needed:
Fix #1
1 - launch iPhoto with the Command+Option keys held down and rebuild the library.
2 - run Option #4 to rebuild the database.
Fix #2
Using iPhoto Library Manager  to Rebuild Your iPhoto Library
1 - download iPhoto Library Manager and launch.
2 - click on the Add Library button, navigate to your Home/Pictures folder and select your iPhoto Library folder.
3 - Now that the library is listed in the left hand pane of iPLM, click on your library and go to the File ➙ Rebuild Library menu option.
4 - In the next  window name the new library and select the location you want it to be placed.
5 - Click on the Create button.
Note: This creates a new library based on the LIbraryData.xml file in the library and will recover Events, Albums, keywords, titles and comments.  However, books, calendars, cards and slideshows will be lost. The original library will be left untouched for further attempts at fixing the problem or in case the rebuilt library is not satisfactory.
OT