Yes. Here are the steps I followed:
Within EN:
In File > Open Library: Chose the RM library I’m trying to convert and selected “Reference Manager Databases (*.rmd)”
In “Convert Reference Manager Database” dialog box: selected “Convert”
In “Save Converted Library as” dialog box: assigned new library name of “Test” and saved as type “EndNote Library (*.enl)”
Saw a brief status bar labeled “Converting References…” which then disappeared and was replaced with the error message “Failed to open converted database.”