You need to export your iMovie project as a rendered video file that is then brought into PRE as a single asset. You wouldn't be able to edit text or effects that you added in iMovie.
Here's a guide - http://www.wikihow.com/Export-an-iMovie-Video-in-HD. Adjust the dimensions according to your actual footage.
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Thank you. I guess this means that I have to export/import project one-by-one.
I am strictly an Elements Windows user, but I did come across this 2013 thread "iMovie to Premiere"
which appears to be for Premiere Elements Mac.
In addition, have you seen the Adobe TV "Making the move from iMovie"?
The idea of transferring the iMovie catalog to the Elements Organizer and the rest may be of interest.
We will be watching for your progress.
Have you found your way into converting the iMovie catalog in Premiere Elements 12 Elements Organizer 12 as suggested by the forum
moderator Steve Grisetti in the November 2013 thread here?
What about the suggestion of transferring from iPhotos to Elements Organizer 12 using File Menu/Photos and Videos/From iPhotos?
Has any of that worked for you?
I appreciate the follow-up and I am saving all the answers but I am not yet ready to apply them. Great forum.