I cannot figure out what is wrong with this project because there is too big a range between the releases. If you wait 12 releases then there are so many changes it becomes extremely difficult to tell which specific change has broken a project. This is why we encourage you to install and test every beta release that comes out.
I am not able to tell if this is broken by a known breaking change or if there is a bug here. Also your events seem to be creating the effect in an unusual way. I re-wrote the effect in r102 the way I would have done it, and it works fine:https://dl.dropbox.com/u/15217362/slash-fixed.capx
Your other events seem overly dependent on the Z order (which may have changed) and spawning in subevents (which definitely has changed). But doing it the above way is more efficient (it creates less objects) and works fine in r102.
Please let me know if you can isolate a specific issue, or a specific release which broke it. Otherwise I will have to close this as something to workaround.