My guess is you previously had a disk name and folder location called 'Volumes/resolve_Bay' that you do not have now. Check your hardware preferences to make sure you have this folder listed and if you have changed your storage you may need to update the gallery still location in the project settings.
Assuming you can move to 64 bit OS... v9.0.3 has been out for some time and has 100+ new features over v8.2
Good morning Sascha and Peter, Thanks for your Input, after reading Peter's advice I did the following, went in the configuration page and changed the destination path for stills to the new drive installed and that solved the problem. Soon I'm upgrading to SSD's so I will relocated resolve's cache folder to 7200rpm HD and keep as much free space on the SSD possible.