Write down the possible velocities like so:
##0<V_c<V_e<\infty##
which corresponds to:
an ellipse for ##V## between ##0## and ##V_e## with the special case of a circle at ##V_c##, a parabola for ##V_e## and a hyperbola for anything larger.
You wrote the conditions for ##V_c## yourself in your recent thread about binaries. Just assume M>>m and you'll get the equation snorkack wrote.
The case of parabola is the case of V being equal to escape velocity. It's easily derived from conservation of energy:
http://en.wikipedia.org/wiki/Escape_velocity
As for why such progression can be assumed:
Orbits are conical sections as shown here:
where the difference between them can be reduced purely to eccentricity.
As can be seen here:
http://en.wikipedia.org/wiki/Orbital_eccentricity#Definition
here:
http://en.wikipedia.org/wiki/Laplace–Runge–Lenz_vector#Derivation_of_the_Kepler_orbits
or here:
http://en.wikipedia.org/wiki/Kepler_problem#Solution_of_the_Kepler_problem
##e=\sqrt{1+\frac{2EL^2}{k^2m}}##
the eccentricity is a function of orbital energy and angular momentum. But since the latter is squared, the sign of total energy E determines whether eccentricity ever goes below 1.
When total energy is less than 0 (KE < PE) the result is eccentricity of less than 1 (ellipse), if total energy
equals 0 (KE=PE) the eccentricity is 1 (parabola), and if it's more than 0 (KE>PE) the result is a hyperbola.
The circle is here a special case of an ellipse.
For a given distance from the central body (i.e., equal PE) the sign of total E is dependent only on the value of KE (i.e., velocity).
edit: fixed the sign in the equation