An oldtimer - Error 1722 or 2755 from Wise installer

Here it is for future reference if anyone ends up here on their endeavor of searching to solve this encountering problem.

Internal Error 2755. 1632 setup fails

This problem occurs when the following conditions are all true:

You install on a Microsoft Windows NT 4.0 or Microsoft Windows 2000 (or Windows XP...).

-and-

The WinNT folder is located on an NTFS partition.

-and-

You have a folder called Installer under the WinNT folder, and you do not have full access permissions to the Installer folder.

To resolve this problem, change the permissions on the Installer folder to:

Everyone - Read (RX)
Administrators - FullControl
SYSTEM - FullControl

The installer folder is a protected folder. To change perms you will have to go to:
Windows Explorer - Tools - Folder Options - Select View.
Un-check: Hide protected Operating System Files.
The Installer folder is now visible under \Winnt