edit, rdna forums has an answer that may work...You need to adjust your firewall settings to allow the library code to access the internet or at least localhost (aka 127.0.0.1)

and

If you are not connected to the internet, you will always see the fault message, as the library ALWAYS tries to contact Content Paradise (if anyone knows how to disable this I'd apreciate it).  Usually after hitting OK, as long as your library manager has permission to access the local host (127.0.0.0) all will work fine.

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