As well as reading and doing what it says at the link Jim provided, the link below is what you need to provide when you ask a question, so people will be able to help
Information FAQ http://forums.adobe.com/message/4200840
I have exactly the same issue, viz., Panasonics 160 and 130. I believe several others do also. The link admits that there is a "known" issue re to long, spanned clips. Check the other Adobe forums. It is EXTREMELY frustrating. If you find a solution, please let me know.
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The solution at the moment is to transcode the AVCHD files to another format using Prelude.
Ok. You purchased Premiere Pro with the intention of, one day, going after the Fortune 500 Companies; but confidence is still low because you find out that the popular camera that you bought outputs an unpopular file format; namely AVCHD.
Adobe “Suits” (sic) say that they are working (allegedly) on a solution (for years) while on Holiday as they gather at their Caribbean “Think Tank” and sip on their Martini’s; all the while spending your hard earned dollars like it was water; leaving you with the perplexing problem of having to pay back the client earnest money that you used to buy your new camera.
Adobe CEO Shantanu Narayen's compensation skyrocketed to $12.2 million, up from $5 million in 2009.
While you're having to beat heads with angry clintel, Shantanu is rubbing noses with the President,
How much are you making these days”
Duuuude. you would have been better off buying CS5.5 to get the job done (or even Sony Vegas), rather then refund the client's money.