This is the response i got.. and it worked! :)
Please make sure you’re using the correct IO driver version and control panel compatible with your Mac OS version. The drivers point out the requirements. Please read the notes.
Try the following steps to see if it helps.
1. Reset the IOLD to factory. You will need a paper clip to press the reset button.
Located on the back and left of the multi pin audio connector you will see the reset. Insert the paper clip while the IO is turned on and press down and hold the reset while you turn off the IO then back on and release the reset.
2. Make sure the IO is the only firewire device connected to the Mac.
Shut down the IO and the Mac wait about 10 seconds and boot up the IO first then the Mac.
3. Download the IO firmware update version 21-26 form the AJA website
http://www.aja.com/support/io/io-archive.php
run the updater and follow the prompt instruction. Once done you will need to reboot the IO and Mac as explained above.
4. Open the IO control panel and click on the Preset tab to update the IO once again by clicking on the Update Firmware message.
Follow the prompt instruction and reboot the IO and Mac once again when done.
Gautam Pandey
http://www.riverbankstudios.com