Alex posted a flowchart how the eReader DRM might look like:
https://www.mobileread.com/forums/showthread.php?t=2367
I'm sure this is not the right place to discuss in detail how to crack DRM - MR guys would probably mind - but it should be obvious even to the layman how vulnerable eReader DRM is. Having disassembed and reverse-engineered eReader, one could write a tool that:
a) takes your credit card number and the filename of the protected book as inputs
b) prints the book in plaintext (or to be more precise: in Palm Markup Language (PML)) as output.
Sure, one could argue that the protection isn't fully cracked as it still requires a legit credit card number the book was originally encoded for. But that's how it is with public-private-key encryptions (such as RSA or El-Gamal) - if properly (!) implemented, there's no way how you can get around this problem then by using the original key (here: the cc number, or at least its hash code) to decrypt the file.