I am using Mountain Lion but i am not seeing any such Acrobat hang issue.
Do you get a crash dialog on force quitting Acrobat? Please share the crash log here.
The crash log - by which I assume you mean the text report that is generated automatically for transmission to Apple - is pretty lengthy. Should I, can I, post the whole thing?
I just launched Adobe Acrobat in order for it to hang so I could get the crash dialog. I didn't hang, so now I don't know what the problem was. I'll continue to use it and if it hangs again, I'll post the crash report.