Just to report that I got the feedback from LimeWire support - the suggested to do the following which WORKED !!!
-Delete all versions of LimeWire.
-Delete all LimeWire aliases and installers from your desktop and Dock.
-Reboot your computer.
-Download the OS X installer, using the download link that was emailed
to you on the date of your purchase.
-Reinstall LimeWire Pro.

So, after trying it the hard way, I simply got rid of all related files and downloaded the LW software once more and it works again - this time I can even see that other users have access to my database and download files.

Many thanks again for your help and time. Cheers and goodbye (for now) - hope it will work longer than 3 days this time around.

Tom