Cannot open QB 2007 file after installing R7 upgrade

I installed the Quickbooks Pro 2007 "upgrade" and then tried to open my old Quickbooks Pro 2007 for Mac company file.
1.) It asks me if I want to Upgrade the file (no choice)
2.) Then it simultaneously says "Working" and gives me a warning about the file not being able to be renamed and that I have to rename it and save it in the QB folder.
3.) Then - whatever name I give it - it says it could not create the upgraded file.
4.) It also says that it could not open the existing file.
I'm not sure what to do - the file is only 4.7MB and I've tried every combination to get it to open.
Is there some trick? Nothing about this on the Intuit Forum. Nothing on Google either.
Help would be greatly appreciated as I cannot open my business file!

I guess what is happening is that I originally installed quickbooks and the company file on my macMini and I suspect that it is not opening it on my iMac because of a sharing violation.
I did unlock both the application and the files but they still won't open.
Any suggestions would be appreciated.

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