Cubase vst5 will not load after installing LE5

The elicenser now intercepts Cubase VST5 when it looks for the parallel port dongle, and says it cannot be found. Is there a workaround?

An option would be to purchase a USB-eLicenser and use that for the Cubase VST license.
See for details how to move to a USB-eLicenser.
The eLC version Cubase LE 5 uses does not support LPT port drivers anymore and that is why you cannot use it.