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Try the CS4 Clean Script.

I had the same problems until I removed all of my Red Giant Software. I believe it is either Looks or Colorista that kept giving me the Null Pict error. I didnt have time to narrow the problem because I was on a deadline so I just rolled back in Time Machine before I installed the plugs.  I was extremely appy with Premiere up until this point.

I too am having this problem. MacPro quad, running Leopard. All worked great until i had to reinstall leopard.

I ran both CS3 and CS4 cleaners. Reinstalled CS4. Still got the error. Did a rinse and repeat. Same error.

Can someone from Adobe jump in here for a resolution?

I strongly suspect this is a third-party plug-in problem. Have you installed any?

Cheers
Eddie

By the way ran CS3 cleaner at level 4 and that worked. I am back in rendering action.

Hey all...

Talked right to the source of the problem which is in fact Red Giant...it is colorista that is causing this problem...this is what they told me....:

This is because with CS3+, our products are required to install to the MediaCore folder, which is shared by all Adobe products

Colorista on Mac systems is Not compatible with Premiere Pro or other Adobe products excluding After Effects, this is the reason for the error message. 

The only way to Not get this error message is to move Colorista from the MediaCore folder to the AE plug-ins folder.

MacHD>Library>Application Support>Adobe>Common>Plug-ins>CS4>MediaCore>

MacHD>Applications>After Effects>Plug-ins>

And now everything works great!

Give that a try!!

Unfortunately, being a PC-guy, I cannot help you with Mac plug-ins.

However, when testing any trial SW, I always do so on my laptop, keeping my workstation totally free, especially with Projects in progress. I might test on a copy of a Project, but not install new plug-ins, etc., until I know that they work with my version of PrPro and will benefit me. Then, I only install the full-paid version.

That is also why I keep an older version of PS and PrPro installed, though I have upgraded - just for those panic calls, when something has to be done in a big hurry. I want an "old friend" in front of me under a deadline.

Good luck, and hope that someone with Mac-savvy can offer direct help.

Hunt