Okay I just read some similar stories and decided to trash the ~/Library/Preferences/Adobe/AE folder. After I did so and started the program I got a serious system crash. I mean. My laptop completely froze. After a hard restart (turn of and on again) It mentioned I had a graphics problem.
I have apple care so I am not to concerned. But should I be?
Similar here. My Production Premium CS6 was running good on OS X 10.10.0. After update to 10.10.1, Premiere Pro, After Effects, and Encore stopped working. They would crash midway loading. Photoshop would run good though. After a lot of cursing and a few nights of install/uninstall restart/reboot bs I figured what my problem was - RED GIANT. Yes, Red Giant software. As soon as I uninstalled it, everything went back to normal. I hope it will save you a few nerves.