MobiPocket Windows Desktop Reader does a reasonably good job converting DRM-free ePub to MOBI, so your entire problem is the DRM. This has not been cracked for Adobe PDF or Adobe ePub ebooks.
MobiPocket still requires DRM exclusivity when it licences its reader for a dedicated reading device. So Adobe Digital Editions is unlikely to be available on the Cybook. A DRM-free ePub reader would be possible on the Cybook, but note that existing ePub readers for handheld devices, with the exception of ADE, are not full-featured.
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