I just imported a video only project from Premiere Pro CS4 in to AE CS4 and on my sequence, one of my clip has a white line streaked with red lines (like a Chrismass sugar cane) at the bottom of it...
What does it means ?
If it is what I think it is, you applied a reverse speed setting to that clip in Premiere Pro. Quite amazingly, slow/fast/reverse speed settings in video clips are translated into After Effects equivalents when you import a project from Premiere Pro.
To check if this is the case, select the layer and go to Layer > Time > Time Stretch. It should show a negative percentage (like -50 %), ie reverse motion.
Did I guess correctly?
Christmas sugar cane is a rather poetic way of picturing it!