There is a very simple solution to the problem.
If you have a card reader, plug it in and insert a memory card. Mobipocket Reader will see it as a reading device. Just open the book, login and then send it to the memory card. The copy on the memory card will be a standard Mobipocket eBook that you can then remove the DRM from and convert.
P.S. Your 505 will also work as a mobile device to send the book to. You cannot read it ont he 505 without converting, but you can then pull it off remove the DRM.
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