the problem with the software isn't anything we're not doing, it's because the software is buggered. there's nothing you can do, just re-download the old version here
http://www3.limewire.com/download/2.8.6/
other than that i hope Limewire is quick to realise this and solve the problem by re-relasing the updated version again. in all their haste to move everyone on to this newer version they didn't check it for bugs with the Java which we can see is the case here.
DON'T UPGRADE, wait until Limewire's fixed the problem occuring.