Eddie Guerrero formed the group because he hated Eric Bischoff, who was running the nWo and pushing the luchadores aside..
Rey Mysterio was heavily recruited by Guerrero, but was reluctant to join--Rey lost a match to Juvi and was forced to join the group..
The group broke up when the newly reformed nWo threatened to basically kick their asses if they didnt take of the lWo t-shirts..
Everybody did so, except Rey Mysterio, which lead to Rey defeating Kevin Nash in a one on one contest!
It also lead to the Rey Mysterio & Konnan vs The Outsiders match in which Rey lost his mask..