I'm a CS6 Master Collection owner, and I've been dealing with this issue for a couple of months now.
Whenever I try to update or install any Adobe product, the Application Manager launches but then does nothing.
I can see that it is active in the OS X dock, and I can see that the process is running in the Acitivity Monitor. However, Application Manager is "Not Responding" (right click on icon) and absolutely nothing happens. I'm completely unable to install, uninstall, update, or otherwise alter any Adobe application that uses the Application Manager (which, to my knowledge, is *everything*).
The only thing left to try is to compltely blow away my CS6 installation with the Cleaner Script, which I am reluctant to do. Before I do, I'm hoping someone can help me with less drastic measures.
Please try to install the patch available at following link: