Here's our Windows NT Tip for.. September 11, 1997
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NT and 95, Can they see each other?
If you need to run Windows NT and Windows 95 on the same computer, keep this in mind when you go through your installation: Windows 95 can't see NTFS drives, and Windows NT can't see Windows 95 DriveSpace volumes. This includes the new FAT32 partitioning that became available with the OSR2 Release (Version 4.00.950b) of Windows 95.

What this means is that if you installed Windows 95 to a DriveSpace'd C: drive, then installed NT to D:, each drive will invisible to the other. The same applies if you installed Windows 95 to a FAT16 partition, then installed NT onto an NTFS partition, sort of. Win95 won't be able to see the NTFS partition, but NT will be able to se the FAT16 partition. NTFS can read FAT16 partitions, but not vice versa.

The only way to let both operating systems "see" all of your systems drives is to make sure they're all running the FAT File System, not FAT32 or NTFS.