I found the solution here (http://labnol.blogspot.com/2004/09/export-captivate-movie-to-macromedia.html). I'll reprint the steps here:
1. Close Flash CS4 if it is open.
2. Open Windows Explorer.
3. Navigate to:
4. Copy the RDMFISTUB.dll file.
5. Navigate to:
C:\Documents and Settings\username\Local Settings\Application Data\Macromedia\Flash CS4\en\Configuration
Note: The 'Local Settings' folder by default is hidden. If you are unable to locate the 'Local Settings' folder you can unhide it by opening Windows Explorer, select Tools > Folder Options > View, and select the option to 'Show hidden files and folders'.
6. Create a new folder called Importers. Your final path should look like this:
C:\Documents and Settings\username\Local Settings\Application Data\Macromedia\Flash 8\en\Configuration\Importers
7. Paste the RDMFISTUB.dll into the Importers folder.
8. Open Flash CS4.
9. Create a New Flash Document. Save the document (or Flash may freeze when importing)
10. Select File > Import > Import to Stage.
11. Browse to and select the CP file.
12. Click OK.
Here is a comparison picture of the results. Without the steps above the imported Captivate assets will reside inside of a movie symbol (one for each slide). This is labeled "incorrect" in the image. I want each asset on a new layer in the root timeline. This is labeled "correct" in the image.
I want to go from Captivate to Flash to After Effects (because Captivate generated Flash files are unreadable in After Effects). For full disclosure, I used Captivate 3 in the steps above, but I hope this is a solution for Captivate 4 as well (I decided to stick with Captivate 3 because it worked in a project I used a year ago).
Message was edited by: EliteEraser