Is there any chance at all that you somehow have ended up using two different ADE accounts? This can happen in a couple of ways--it happened to me when I used one email address when I set up ADE and another when I joined a book selling site that created an ADE account based on the email you signed up with. Only one ADE can be active on your Kobo at any given time.
My husband had locked contact after he installed 1.4 because he forgot to reset the date and time on his Kobo. Setting it fixed his locked content problem.
I must seem like a real wus to have had two peculiar things happen like this, but that's the way sometimes
.