The Adobe Acrobat update packages are prepared by and suppied by Adobe. Patch Manager merely provides the mechanisms by which those updates are obtained from Adobe. For issues regarding the detection of those updates, please inquire with Adobe directly, as they are exclusively responsible for the behavior of those update packages.
I ended up trying to manually install the Adobe 11.0.04 update and that failed too. I called Adobe up and they were of no help, they said that I needed enterprise support since I deployed it from an AIP and that there was an issue with my AIP. So I eneded up pushing out a GPO that uninstalled the current version and installed the 11.0.04, unfortunately I think I will have to push out Adobe Standard/Pro updates via GPO instead of Patch Manager which really is a PITA. I'd rather do it through Patch Manager, but as you stated, the issue is really with Adobe and not PM. Wish Adobe could get their act together. Thanks for replying to my question.