Hate to bring back such an old thread, but found this in my google search. I just got my reader yesterday and am having this problem. Installed all new ADE and Sony eBook Library. Problem still happens. My husband borrowed a PDF book, I borrowed a ePUB book. Only one can be read while the other is protected. This goes both ways, depending on how it was put on there (I re-checked out, put them back on a bunch of times).
My husband wanted a Kindle and I wanted the Sony - this is going to make him want to return it for the Kindle!
Has there been any solution to this problem?
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