I restored my computer to Mountain Lion with Java 7 (from a time machine backup) and the Virtual PRC opened and worked fine.
Interestingly, I also have a PC running Windows 7. I rarely run the virtual PRC from this computer, but when I tested it this weekend, I got an error message when I tried to open the virtual PRC. This computer has Java 8. Again, I tried to downgrade to Java 7 and use the PRC, but this did not work.
I'm trying to hold onto the ability to use the virtual PRC in the event that the actual, antiquated PRC breaks. I really hope that Yamaha is able to address this issue.
John