I've seen this error message come up before, and I believe I have a solution you can try. Go to Settings> Wireless & Networks> Mobile Networks> Network Mode> Change it from Global to CDMA. Once done, the error should go away. From the sound of it, it's likely caused by your phone reading the SIM card that is not active in the Verizon Wireless system. Give it a shot and please follow up with your results.
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I got up this morning and my phone was dead. I tried charging it, and it came on a few times during the day, but it is either not charging or discharging as fast as it charges. When it did come on, I either got a message telling me the SIM is invalid or No network is available when I tried to make a call. Each time it indicated emergency calls could be made.
I cannot try your fix, so I am assuming that I will need to go to Verizon tomorrow.
Any other ideas? Thanks!