Windows Live Mail - calendar's corrupted data error when importing mail from Outlook Express

I installed Windows Live Mail on Windows XP SP3 and on the first run it tried to import Outlook Express mail (without even asking!). The import process ended with the error 0x80040154 informing about calendar's corrupted data. After accepting error's message Windows Live Mail exited. I guess my Outlook Express's data are corrupted indeed because when I run OE it takes about 100% of CPU time and does not even starts.

How can I start Windows Live Mail so that it does not try to import OE's data?

Temporarily renaming folders.dbx in the OE Message Store would prevent Windows Live Mail from importing OE messages ...