Using Parent Folder in scripted rename

I have successfully used Parent Folder to rename a file. However, I am struggling to find a way to read the parent directory of file so that I can manipulate it in script. I am trying to take a LASTNAME FIRSTNAME folder name and, it to initials and putting it into a FIRSTNAME LASTNAME Initials order. I can't find the vbscript equivalent of {parent1}.

In a rename script, getNewNameData.item.path.filepart will generally get you the same thing as {parent1}