Re: compressor error

trying to compress a project and it fails with the "quicktime error -50" prompt . . . please advise

i edit with FCP 7

this is what shows up in the compressor log:
<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<services>
<service type="jobcontroller:com.apple.qmaster.cluster.admin" displayName="Jayson’s MacBook Pro" address="tcp://127.0.0.1:49170" hostName="Jaysons-MacBook-Pro.local">
<logs tms="433269999.871" tmt="09/24/2014 09:46:39.871" pnm="unknown">
<log tms="433269999.871" tmt="09/24/2014 09:46:39.871" pid="306" kind="mrk" sub="error" what="get-log" avail="false" msg="Not logging to file."/>
</logs>
</service>
<service type="servicecontroller:com.apple.stomp.transcoder" displayName="Jayson’s MacBook Pro" address="tcp://127.0.0.1:49169" hostName="Jaysons-MacBook-Pro.local">
<logs tms="433269999.874" tmt="09/24/2014 09:46:39.874" pnm="CompressorTranscoder">
<log tms="433269999.874" tmt="09/24/2014 09:46:39.874" pid="307" kind="mrk" sub="error" what="get-log" avail="false" msg="Not logging to file."/>
</logs>
</service>
</services>