i'm guessing it's arcsoft and not nero, did a lookup of *.phb file type
File Extension .PHB Details
Media manager : ArcSoft PhotoBase Deluxe Your virtual multimedia organizer and slide show maker.
I downloaded and read some of the manual for Arcsoft photobase...and I fear all that was saved was a dbase of file locations, ie., shortcuts.
EDIT: rereading your post, I actually think you are fine. I thought a computer was wiped and that image data was lost. Then it seems you can access photos but not this one file. So it seems all photos (assuming) were saved successfully, including the arcsoft album format. Which the arcsoft program just uses to sort and keep track. That would be useless data to you and only usable by arcsoft.
only my 1st guess for now