Let me preface this by saying that I found a work-around, so I was able to change the start-time of my event by deleting the contraction "I've" in the description. The following screenshot is a re-creation of the error that popped when I initally tried to edit.
Its the punctuation thing again. The event system is ghetto and as such doesnt punctuate sentences and words favorably =P
Its been a long time problem ive tried to work out time and time again but the original author has such shoddy code its hard to pinpoint the source and correct it as stuff is basically all over the place. =(
Lame =/
At least there's one good thing though - unlike before when I couldn't edit PERIOD, after Koth posted his 'fixed bugs' message, I'm able to edit and re-submit fine as long as I take the offending punctuation out of the equation. :D