AS1 Vs AS2

Hey guys,

I'm having a huge problem with something! I've got some actionscript for a spinning ring menu, which was created a while back and is still using actionscript 1. I'm trying to re-use it in another project, using flash 8 and actionscript 2, but it doesn't seem to want to work! I've attached the file, anyone think they know what the problem is???

Cheers!!