Upgrade question...HELP!

I just got a call from a friend who is using an aluminum iMac that was just updated to Snow Leopard. He had previously been using some type of financial software in Parallels 3, but with his update to SL, he can not access that info or program as Parallels no longer launches.

The BIG question is: If he buys a copy of Parallels 4, is there a way to update to Parallels 4 that will likely not cause a loss of information from his previous version? I recognize that it would have been better to have upgraded parallels prior to his Snow Leopard install, but now that it is done, we're looking for the next best option to make it work again.

Thanks!

 

Before installing PD4 tell your friend to properly close down all VM's. (Do not suspend) Suggest he makes a backup of the VM's for safety.

When PD4 has been installed, it will convert the VM's on opening.

(If he leaves them in a suspended state he will need the following info:
http://kb.parallels.com/en/5999 )

Salamat