Did latest Parallels update - can't start Steam!!!

I did the latest Parallels update this morning. Reinstalled Parallels Tools and restarted my VM. And now Steam - which worked perfectly BEFORE THE UPDATE won't start. Every time I click on the app icon it says something about updating my installation (or something similar) and then nothing. I have tried updating it by downloading Steam's installer. I have tried uninstalling Steam, redownloading the app and reinstalling it - NOTHING. I have tried running Steam as an administrator - NOTHING.
Love this because Steam worked PERFECTLY BEFORE THE PARALLELS UPDATE!!! Wonder if they actually run their updates BEFORE they tell their users to update.
Any other suggestions? Thanks.