I know this post was from several months ago, but it also seemed to not have a resolution, so I thought I would post an update.
I had the same issue loading a remote project, thought AC had stopped responding at phase 4 checking libraries, killed it, restarted and got the document version error message. I deleted my local data with the local data manager and tried it again. This time I let it run it's course, and had a seperate archicad open with a blank file in it, from here I opened the local data manager and noted that even though it had been 20minutes since i tried to open the teamwork project, the data manager told me there had been a library created only 2 minutes ago.
Basically, even though it appeared it had frozen, it was still working, just extremely slowly during the phase 4 stage of opening the project. all in all it took over 30 minutes to open the file, but it did eventually work