iMovie 3: Some Graphic Files Import as Blank (White) Clips

Graphic files in PICT format that you import into an iMovie 3 project may appear as blank, white clips in the timeline after rendering is complete.
Symptom

After placing a PICT format picture into the iMovie project timeline, the photo renders and turns into a blank, white clip.

Solution

This document may be updated as more information becomes available.
Published Date: Feb 18, 2012