Thanks Stefan for this reply. I tried using the Paralles 5 uninstaller provided on the original DVD but it comes back with "Parallel is not installed on this computer" (or some such reply). I tried launching Parallel 5 from lion but, as expected, it doesn't launch.
So far, we're still stuck. I keep looking and will get back if answer is found
Just to add to the conversation with some helpful information.
Prior to install i was more worried about finding a Quicken replacement than anything (decided on iBank). I installed Lion and then realized as I was going through my system that Parallel 5 set up for my previous employer. As suspected, it did not work. So I upgraded Parallels planning to eventually set it up again in the future including reinstalling the version of windows. When I finally logged on with after the upgrade, all my files, etc. was still there. Shocking but true. Double check to see if this occured with any one else. Good luck.