Found the problem -
SW did not migrate the Users. Simply copied the directory pdmrw form the previously copied database, repaired the installation of PDMServer. and Viola!
WE recently tried to update our Vault from 2004 to 2005. Needless to say, something went wrong and we were not able to access the data in the 2005 client. We still have all of the 2004 data on the drive (we cannot see it but the files are there)
Has anyone encountere problems with the vault...