Changing from PC to Mac with a MBWE


I own a Mybook World Edition (the blue ring version) with Firmware 02.00.18. Up to now I was using it as a backup storage for my PC with mionet. However, I am currently migrating to a Mac and would like to use it as a Time Machine. 

The problem is that while i can mount the drive I get an error message when I try to access the ID26xxxxxx folder and can only access the Public folder (“The operation can’t be completed because the original item for ID 26xxxxxx can’t be found”). Under Time Machine the device is not listed at all (it does show under Finder though) and I saw somewhere that my Mac identifies it as a PC server.

I am of course in trouble because a) I am new to the Mac and b) I have never worked intensively with any of the advanced topics on the MyBook. I have read in various forums and blogs (and the WD documentation online) that the product can be used as a time machine, but they all presume that it just shows under Time machine.

So, my questions are:

How can I reformat my MyBook or otherwise make it usable as a time machine?

As an aside, why is everybody talking about Firmware when mine updated just yesterday from 02.00.15 to 02.00.15?

Sorry, but you can not format the drive and as you already now is not compatible.

WD has two other network drives that work on Mac : My book World White Light and My Book Live

I will suggest for you to upgrade to latter.