What version were you using before you upgraded? 4.16 is a bit strange compared to older versions.
If you've updated from a 4.12, the saving location is different...instead of C:\Documents and Settings\your name\Shared it's now C:\Documents and Settings\your username\LimeWire Saved.
Also the sharing default is different...instead of sharing the old saved folder by default, the new default for sharing is C:\Documents and Settings\your username\LimeWire Shared.
Just click on 'view my shared files', above the connection status bars...are your old files there? If they're not, go to tools > options > sharing. Next to the Shared Folders box, click on Add. Now browse your computer for C: Documents and Settings\your username\Shared > click on Select > apply > ok.
Now your old saved folder should be shared & if you click on shared files within your library, or on 'view my shared files' above the connection bars, your files should show up. Hope that makes sense
If you're still lost, use your computer's search to look for some of the file names...do they show up?