I have found the culprit file!!! 
Its [Effect_Presets_and_Custom_Items.PRFPSET] located in
"C:\Users\Username\AppData\Roaming\Adobe\Premiere Pro"
Delete that and restart.
Apparently the newer Premiere builds dont like new projects to be made and loaded up after previous custom presets are made.
I have noticed it only does this on projects I have made AFTER creating presets.
And I am on CS6
Hope that helps out gentlemen