I also found (after a fair amount of fruitless attempts and unsuccessful searches) that this approach resolved my issues with Application Manager hanging/crashing. I had to go through the entire install process in the second administrator account that @jwoodcreative-uk describes - nothing short of that seemed to work. If this is a known issue - edge case or not - it's pretty insane that Adobe hasn't addressed it and their support actually recommends this nutty workaround. (Could be time for Adobe to stop drinking their own AIR kool-aid?)
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