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As you probably know, the PREL is just an XML database of links and instructions. You can Open it in WordPad, NotePad, or an XML editor, and check the files and the links. There is a lot of info to wade through, so Search/Find will be very useful.
Also, the headers can be damaged, and a free program, XML Wrench, might be able to repair any damaged headers. This PrPro-Wiki FAQ entry, though specifically for PrPro's PRPROJ files, has some info that might help with XML Wrench.
Thanks for the speedy reply.
I actually put the "-4" and -"5" backup files into word (after dropping them into Notepad) and then used the word compare feature to find out the major differences. It turned out to be the importing of the m2t files. So, I changed the m2t file location and re-opened the project. Because it couldn't find the files it asked me to re-source them and then opened the project perfectly.
Great news and good detective work!
Thank you for reporting your success, and good luck,