Haven't this exact problem. Very very strange, have tried all the above steps to no avail. It seems if I open one project A and copy / paste into project B, all works until I save/ close/ reopen. Then all of the audio files are red and don't play. On initial paste it looks/plays fine. Driving me nuts.. On another project my transitions and fades are gone, and if I copy a timeline clip with transitions into that project it doesn't copy with the transitions.. AHH!
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