I have upgraded my Macbook Air (13" Mid 2011 4G ram) to 10.8 preview 2. I re-installed Parallels to get it to run (Mountain Lion disables it on install). I'm now trying to install 10.7 inside a Parallels virtual machine, but I keep getting "Failed to open the Parallels networking module". It says I can fix it by restoring defaults. When I restore defaults I get this error: "The IP address of the Parallels network adapter has not been changed . There was a failure changing the IP address of the Paralles network adapter. The other network parameters have been modified succesfully". But the network still fails to open when running 10.7 inside parallels.
