Script not working in Unity 4

Hi, I have a death script, and it worked fine in unity 3.5.7. It would slowly fade to white then load the level again then fade out. Now in unity 4 it just instantly goes to white and doesn't load. Help please!

LevelLoadFade.js

 /*
     Usage:
 
     // Load my level    
     LevelLoadFade.FadeAndLoadLevel("mylevel", Color.white, 0.5);
 
     // Reset the current level
     LevelLoadFade.FadeAndLoadLevel(Application.loadedLevel, Color.white, 0.5);
 */
 
 static function FadeAndLoadLevel (level, fadeTexture : Texture2D, fadeLength : float)
 {
     if (fadeTexture == null)
         FadeAndLoadLevel(level, Color.white, fadeLength);
 
     var fade = new GameObject ("Fade");
     fade.AddComponent(LevelLoadFade);
     fade.AddComponent(GUITexture);
     fade.transform.position = Vector3 (0.5, 0.5, 1000);
     fade.guiTexture.texture = fadeTexture;
     fade.GetComponent(LevelLoadFade).DoFade(level, fadeLength, false);
 }
 
 static function FadeAndLoadLevel (level, color : Color, fadeLength : float)
 {
     var fadeTexture = new Texture2D (1, 1);
     fadeTexture.SetPixel(0, 0, color);
     fadeTexture.Apply();
     
     var fade = new GameObject ("Fade");
     fade.AddComponent(LevelLoadFade);
     fade.AddComponent(GUITexture);
     fade.transform.position = Vector3 (0.5, 0.5, 1000);
     fade.guiTexture.texture = fadeTexture;
 
     DontDestroyOnLoad(fadeTexture);
     fade.GetComponent(LevelLoadFade).DoFade(level, fadeLength, true);
 }
 
 function DoFade (level, fadeLength : float, destroyTexture : boolean)
 {
     // Dont destroy the fade game object during level load
     DontDestroyOnLoad(gameObject);
 
     // Fadeout to start with
     guiTexture.color.a = 0;
     
     // Fade texture in
     var time = 0.0;
     while (time < fadeLength)
     {
         time += Time.deltaTime;
         guiTexture.color.a = Mathf.InverseLerp(0.0, fadeLength, time);
         yield;
     }
     guiTexture.color.a = 1;
     yield;
 
     // Complete the fade out (Load a level or reset player position)
     Application.LoadLevel(level);
     
     // Fade texture out
     time = 0.0;
     while (time < fadeLength)
     {
         time += Time.deltaTime;
         guiTexture.color.a = Mathf.InverseLerp(fadeLength, 0.0, time);
         yield;
     }
     guiTexture.color.a = 0;
     yield;
 
     Destroy (gameObject);
 
     // If we created the texture from code we used DontDestroyOnLoad,
     // which means we have to clean it up manually to avoid leaks
     if (destroyTexture)
         Destroy (guiTexture.texture);
 }