It sounds like you've used the transfer wizard with S11 installed. Unfortunatetly, The Transfer Wizard doesn't copy everything from S11, as it should. So much so, that if you then remove S11, it will remove important files and registry entries that S12 is still using. Such as Hollywood FX registry entries, 3D transition overlays and ProDAD plugins. Thus causing pain and heartache from people who thought an upgrade was like any other upgrade. Ho ho!
# The trick is to use transfer wizard in a different mode i.e. to accept S11 disks and not try to transfer/duplicate content from one part of your hard drive to the other - it didn't work for me and lot of others.
Workaround (only my suggestion, but it worked for me after pulling my hair out until I was bald. The last time I was bald was Studio 9.0, I skipped 10 altogether to allow my hair to grow back)
1. Don't use Pinnacle Registry Cleaner.
2. Have a working S11 in place
3. Install S12 Upgrade Part 1 and Part 2, instantDVD and that label thingy
4. Don't use the transfer Wizard until you remove S11 !! If you do, it will only copy half the stuff you need, or rather, it is unable to prevent shared registry entries being subsequently damaged by S11 removal, such as 3D transitions and ProDAD plugins . It doesn't physically copy these ProDAD plugins as they were 'installed' with, and form part of, S11's uninstall file.So, removing S11, removes them anyway. But we'll fix that....
5. Remove "Studio 11", "Studio Ultimate" and "Bonus" program entries from start -> control panel -> add/remove Programs
6. Run S12 installer (again) and THEN choose "Transfer wizard" (obviously there is nothing to transfer as we got rid of S11) but it will "Prepare" your PC to accept the S11 Ultimate & Bonus disks (honestly it will!)
7. Insert Ultimate disk (it should auto install and not moan about there being no S11 installation as the Transfer Wizard will have set the registry to accept it)
8. Install Bonus disk (takes a long time to install mainly because of all the premium stuff and the flag icons of every country on the planet, plus menus, backgrounds, overlays, etc)
9. HFX, 3D Transitions, Bias Sounsoap and ProDAD Vita (full), HeroGlyph (demo) and Adorage (demo) should now work.
END
If you don't want to go to the trouble of reinstalling S11, then just make sure you've removed any S11 entires in the add/ptograms of control panel, like ultimate or Bonus. But, please don't run registry cleaner as this will remove your S11 activation keys and although this shouldn't be a problem for an upgrade, it could put you back in your endless loop of disk loading. You're the first to report that.
Run Transfer Wizard. Choose the version of studio whose disks you'd like your PC to read and then quit the installer. Just reload your previous S11 ultimate and Bonus disks.
You may have to re-install smartsound (if you have a library worth speaking of), as S12 wasn't designed to transfer this, because it replaced it with something called 'Scorefitter' (Midi based). Also Bias Soundsoap will operate but not as good as it did in S11. There are updates available from the websites of these third-parties. I did try the Bias update but it just kept crashing for me, so I removed it and went back to the original version of soundsoap.