Okay, so I tried using the Now Server Manager version 5 and this is the error I get..

Server connection problem

Could not launch and run the Event server "Public Event Server" because of the error: No such file or director (2).

This error comes up if I try to create a new server or import my version 4 server.

I have repaired permissions, restarted, zapped pram, trashed prefs. Any other thoughts?