Can't configure BCM 2007 "does not recognize some of the propertie

[MWM]

I upgraded Office 2003 to Office 2007. I had a fairly large customer database
in the previous version of BCM. When I start Outlook (after upgrading), it
takes me through the configuration again. It then terminates with an error as
follows:

Business Contact Manager cannot save this item because it does not recognize
some of the properties.

I have installed all of the Office service packs as well as the BCM for
Outlook 2007 SP1. I have run Office diagnostics with no errors reported.

I need access to my customer database

 

[MWM]

Clarification to the above post:

This error occurs when BCM is finalizing the configuration. It doesn't
matter whether or not I create a new database or attempt to connect to the
old one.