Error code 86::1

Without any more specific info about the file, the storage device and your Mac we can't really tell you much. From the usual hardware acceleration issues to the file being genuinely damaged this could be anything. Also the question is whether it imports from local drives. I've seen a bunch of posts in the PS forum lately where files won't import from oof-the-shelf pre-formatted drives with exFAT not working and the obvious and simple answer would be to re-format them on the Mac. Other than that of course check your hardware acceleration prefs and consider transcoding the file in a tool like Handbrake to ensure it's okay and usable in AE.

Mylenium