Xcode 4.02 crashes while opening an existing App - objective-c

Question

I have an existing App which works fine for others with Xcode 4.0. I have Xcode 4.02 and xcode crashes as soon as I open this app. At times, it just hangs up and I have to 'Force Quit' Xcode. Other times, it gives me a 'Internal logic error' window and shows the following error.
**ASSERTION FAILURE** in /SourceCache/IDEFoundation/IDEFoundation-287/Framework/Classes/Model/SourceControl/IDESourceControlTree.m:2548
Details: (addedItem) should not be nil.
Object: <IDESourceControlWorkingTree: 0x202020900>
Method: -mergeStatusOperationResults:forLocalStatusOnly:
Thread: <NSThread: 0x2025f3900>{name = (null), num = 16}
Hints: None
Backtrace:
0 0x0000000100949773 -[IDEAssertionHandler handleFailureInMethod:object:fileName:lineNumber:messageFormat:arguments:] (in IDEKit)
1 0x000000010006d394 _DVTAssertionFailureHandler (in DVTFoundation)
2 0x000000010055e1c1 __78-[IDESourceControlWorkingTree mergeStatusOperationResults:forLocalStatusOnly:]_block_invoke_0 (in IDEFoundation)
3 0x0000000100005fdc __38-[DVTDispatchLock performLockedBlock:]_block_invoke_0 (in DVTFoundation)
4 0x00007fff822cd51b dispatch_barrier_sync_f (in libSystem.B.dylib)
5 0x0000000100005f83 -[DVTDispatchLock performLockedBlock:] (in DVTFoundation)
6 0x000000010055ccd3 -[IDESourceControlWorkingTree mergeStatusOperationResults:forLocalStatusOnly:] (in IDEFoundation)
7 0x00000001005db64c __77-[IDESourceControlWorkingTree updateLocalStatusForDirectory:completionBlock:]_block_invoke_01137 (in IDEFoundation)
8 0x00007fff822d42c4 _dispatch_call_block_and_release (in libSystem.B.dylib)
9 0x00007fff822b2e32 _dispatch_queue_drain (in libSystem.B.dylib)
10 0x00007fff822b2c94 _dispatch_queue_invoke (in libSystem.B.dylib)
11 0x00007fff822b283e _dispatch_worker_thread2 (in libSystem.B.dylib)
12 0x00007fff822b2168 _pthread_wqthread (in libSystem.B.dylib)
13 0x00007fff822b2005 start_wqthread (in libSystem.B.dylib)
I have recently upgraded Xcode from version 3 to 4.02. I have tested a couple of other projects and they seem to run fine on 4.02. So, I know that Xcode is installed properly. Please help me figure out what am I doing wrong.

Answer 1

I've seen several references to the same problem that all pointed back to the answer to this question that suggests deleting the repository from Organizer.