"Recovery/Local Church" and "Recovery Version" Bible

I have read extensive apolegetics that state that "Recovery/Local Church" is a cult of Christianity for a number of reasons. This Christian group is the group who runs "Living Stream Ministry" and "Bibles For America"
They always work really hard to distribute their own Bible version "The Recovery Version" which has more than half space taken up by footnotes with interpretation of the verses. The footnotes are written mainly by Witness Lee I think.

My questions to you are:
1. Have you ever heard of Recovery/Local Church? or Recovery Version Bible?
2. Have you ever been approached by someone from them?
3. What did you think?

This group was even rejected by association of Christian group on my university campus because of their teachings.

The footnotes say somewhre in revelation that all the denominations Catholic, Protestant, and Protestant Denominations are "spiritual fornicators" created by Satan, so in a way that is used to imply that they're one true church.

There is a number of reasons why this group is considered a cult, but mainly it is because of their interpretations of certain things in the Bible which have become their doctrine that many people see as heretical.

I think it is best if you read about it for yourself on the following websites:
http://www.apologeticsindex.org/l40.html
http://www.xs4all.nl/~ahein/jim_moran_local_church.html
http://www.lcinfo.org/?page=home
http://thebereans.net/prof-cor.shtml
http://www.tolc.org/la.htm
http://www.fact-index.com/l/lo/local..._movement.html
http://www.bcbsr.com/topics/lc.html?

Whether you agree or disagree with the information the above links provide is up to you, but I feel it is important that everyone read some of them.

MY PERSONAL EXPERIENCE:
Before I knew about this group I was invited to Bible studies with them. I went at least 3 or 4 times. The individuals there are good students and seem like honest believers. Then I had some Bible studies with them and the people who lead the Bible study were not honest with me and withheld some things I asked them which they later described or said "let's talk about it later" its that kind of dishonesty that upset me.
Then I heard from one of them that yes, he believed that all the denominations like Catholic, Protestant, and denominations of Protestant church were "spiritual fornicators"
In a way, I have to say that my experience has confirmed what the links I provided say.

Whoever made the "Recovery Bible" apparently just took J.P. Green's LITV and edited it to conform with the Critical Text. Jay Green's LITV is based on the Received Text (the same Greek text as the KJV) in most places - Green does depart from the Received Text without so much as a note at times. Anyway, since 1881 when Westcott and Hort invented a new "Original" Greek Text (the Critical Text) and since the Revised Version (which later became the American Standard Version) was translated from it, almost all modern translations have been made from it rather than the Received Text. Just about the only modern (that is post-KJV) translations of the Received Text are the New King James and J.P. Green's translations (Modern King James, King James II, and LITV for Literal Version).

The "Recovery" Version doesn't recover anything. It is basically the NIV with a more rigid style. It has removed the same words, phrases and verses as the NIV, NASB, NRSV, etc. have (because it has been brought into conformance to the corrupt and fabricated text that they were based on).

In short, I see something wrong with the "Recovery Version." It is not a Bible, but a doubt mechanism and a perversion.

But what about the idea that the RCC is the whore and Protestant denominations daughter whores? As for this interpretation of Rev 17, it must be noted that ALL the Protestant reformers considered the Roman Catholic Church to be Babylon the Whore, and frequently spoke of it as the church of Anti-Christ, and refered to the 'pope' as the antichrist and man of sin. The fact is, that if he isn't such, there is NO reason for Protestantism to exist! And, since many Protestant churches have followed in the ways of Rome, they do bear a great resemblance, such as daughters do to their mother. In fact, the RCC refers to itself as "Holy Mother Church." So, if the RCC is the Whore (as all the reformers taught), these Protestant denominations are by extension the daughter whores. But what does the Scripture say of denominationalism elsewhere? 1st Corinthians chapter 1 condemns it. So then, if there is anything objectionable in the "Recovery Church's" ideas on this point concerning denominationalism, it is simply this, that they themselves do not have a scriptural name (where is "Recovery Church" mentioned in the Bible?) and the goofy titles (Witness, Watchman) are ver reminiscent of the titles used by a certain other church which they are condemning.

__________________
"I acknowledge one baptism for the remission of sins" (from the Nicene Creed)

What baptism? Water baptism, in which a believer is raised with Christ by the operation of the Holy Spirit (Col 2:12) and recieves the remission of sins (Acts 2:38) and has his sins washed away by Christ's blood (Acts 22:16) and is planted in the likeness of Christ's death so that he may be in the likeness of Christ's resurrection (Rom 6:5) and is saved by the resurrection of Jesus Christ. (1 Peter 3:21)

*self reminder to read into this.