The operation could not be completed because an error occurred when creating frame 5520 (error -1) ?

Trying to create a Master file and I get this error???

I got this error on a pre-10.1.1 project. It was caused by a corrupt clip within the timeline.

I rendered my timeline and then zoomed in enough to see if there are any 'red render bars' above any of the clips. If any, 'find & replace' with a new (but same) clip. Try that and see if it helps. If not, report your findings with greater detail to help troubleshoot it. Good luck.

Change the timeline setting in 'frames' in stead of 'time'. Find the corrupt frame and replace it.

I had the same problem and solved it by shutting down the computer and restarting. The problem did not show up the next time I made the master file. Note I said shutdown and not just restarting.