The underlying DRM B&N uses is Adobe's Adept DRM with a different key setup than other Adobe DRM'd books. Don't know how or why it would need your Adobe account though as it's a totally separate thing from Nook.
It appears a few others are having Nook Study problems now on new installs too so maybe it just won't work anymore although my old PC install is still working (for now at least).
Someone on Apprentice Alf's blog night have some other ideas.
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