Legacy particle system doesn't work on Unity 4.0

Just to make it easier, create a folder called "Editor" in your assets folder. This is something I came up with because I was tired of always needing to add all the components to an empty gameObject one at a time, then assigning a material in the inspector. This will create a "Resources" folder, and a material asset for later use. All you need to do is click on the new menu item "Custom > Add > Legacy Particle System", then add a texture to the material (only need to assign texture to material once, unless you delete the asset). Create a new C-Sharp script in this new editor folder and name it after the class here "LegacyParticleSystem", then simply paste my code in the script, then save. You may need to save your scene before the new menu item appears on the top bar. Note the shader of the custom material created in the Resources folder is "Particles/Alpha Blended Premultiply".

 using UnityEngine;
 using UnityEditor;
 using System.IO;
 using System.Collections;
 
 public class LegacyParticleSystem : MonoBehaviour 
 {
     static Material mat;
     [MenuItem("Custom/Add/Legacy Particle System")]
     static void AddParticleSystem()
     {
         string matAsset = "Assets/Resources/Custom Assets/Legacy Particle Material.mat";
         if(!Directory.Exists("Assets/Resources/Custom Assets"))
             Directory.CreateDirectory("Assets/Resources/Custom Assets");
         GameObject ps = new GameObject("Particles");
         string[] coms = new string[]{"EllipsoidParticleEmitter", "ParticleRenderer", "ParticleAnimator"};
         if(Selection.activeTransform != null)
             ps.transform.position = Selection.activeTransform.position;
         foreach(string com in coms)
             ps.AddComponent(com);
         if(!File.Exists(matAsset))
         {
             mat = new Material(Shader.Find ("Particles/Alpha Blended Premultiply"));
             AssetDatabase.CreateAsset(mat, matAsset);
         }
         ps.renderer.sharedMaterial = (Material)AssetDatabase.LoadAssetAtPath(matAsset, typeof(Material));
     }
 }