Best way to correct directory error?

A collegue has put a project into our SVN server. The server is
organized such that every project is a top level directory.
This shall contain subdirs trunk, tags and branches.
Trunk is where the sources for the project live.

Now he has put his project sources into:
/Projectname/trunk/Projectname

What is the best way to fix this so it will reside in
/Projectname/trunk instead?

- Check out /Projectname/trunk and receive subdir Projectname
- Move to trunk on client
- svn mv Projectname/* ./*
- svn ci -m "log message"

Or after checkout:
- Move to trunk/Projectname on client
- svn mv * ../
- mv ..
- svn ci -m "log message"

I don't want to mess up the repository, so that is why I am asking....

-- 
Bo Berglund
Developer in Sweden