"Conflicting Applications" won't allow v5 upgrade...

I just purchased the latest upgrade for Parallels for the Mac. I'm upgrading from v4 to v5 and when I try and run the installer I get the error "Conflicting Applications" and a bunch of Parallels related applications that "could" be running. I've confirmed NONE of these applications are running, I've rebooted, etc., all to no avail. I just can't get v5 upgrade to install. I need to purchase/upgrade 10+ copies from v4 to v5 — this was just the first machine to test, so looks like the purchasing of the rest is on hold until this is fixed.
k.

 

I would uninstall P4 (it should keep your VM files, but back them up just in case - I make a .zip archive of my virtual HD file periodically), then install P5. After installing simply double click on your virtual hard drive files and it should configure P5 so it knows where the files are. P5 will start, then update Parallels Tools and Parallels Internet Security so it might take a while (and mine took a few minutes until the install window popped up).

Ensure your virtual system is shut down, not just in sleep mode before upgrading. Bad things sometimes happen if the emulation is not shut down before updating, or so I have read here.