You're right. If I open it, it does launch Photo editor. It does have 2 different folders named "iphoto Library". One has the "photos" icon and the other with the "iphoto" icon. When i click on the iphoto icon it says "Cannot open migrated library. The content of the iphoto library has already been migrated to Photos...... use a compatible version of iphoto to open this iphoto library.
So...I tried to do what you said. I went into Time Machine to navigate to the folder...and it says, "Can't connect to a current Time Machine backup disk." I checked the internet connection to the Airport Time Capsule. The "data" icon is on the desktop so it's active. I checked the condition of the Airport time capsule in Time Machine preferences and there's no exclamation mark or anything so I don't understand why it's not working.
On the original computer, when i open Macintosh HD, I see under DEVICES "Time Machine Backups", under SHARED "Airport Time Capsule" and then it shows the new mac computer.
On the new mac computer the Macintosh HD shows only SHARED items. The time capsule and the original computer.
I don't know if that's the problem or not...but like I said...the icon for the Data Icon for the Airport Time Capsule is on my desktop on the new computer so it is connected.
Any ideas?