You are creating the package in a wrong way.
Creating a package the way you are doing leaves a lot of files unpatched which means file which was supposed to change after applying the patch has actually not changed and it is same as it was before applying the patch.
(Now exactly which files are left unpatched and which are correctly patched I am not sure of )
I helped another user facing a similar issue like yours. You have to just create the package following the right process.
Try out the steps mentioned in link below.
Now one question arises, if you are doing something in a wrong way then how come it worked in case of Reader 9.3.1??
Here is the catch-
9.3.1 was a zero day patch which means it would target only specific files.
Only 2 files - Acroform.api and uthplay.dll are patched by the 9.3.1 patch.
After you created the 9.3.1 package (via the wrong way) then actually these two files are not patched and are still same as these were for 9.3.
So effectively you have all the files of 9.3 version so it works fine as if you have installed Reader 9.3.
But 9.3.2 is a Quaterly update and it patches a lot of files (about 60-70 files).
When you create a 9.3.2 package then some files are now updated to new version 9.3.2 and some are at the old version 9.3.
Because of this mismatch of the files you are facing the problems.
Intrestingly in earlier case (with 9.3.1) also there was the same problem but all the files were at the level of 9.3 so there was no mismatch and hence it worked!
My problem is fixed. Thank you very much. I have always used the executable from Adobe's ftp site because we do not want Adobe Air and Adobe.com.
I used the -nos_ne to extract the files to a folder. Then I ran the msp against that msi. This does not work. It has always worked in the past or though I thought.
When you do it this way you get cab files, setup file, .ini files etc. I read another post that said the msi file like the exe file on the ftp site doesn't contain the air and com installs either. So I decided to try it and use the directions in your post and it works great. Don't know why it doesn't work with the exe file but I am happy.
Sorry to bump this post but I seem to be having a similar problem with the latest 9.3.4 release. However I am using the MSI from the FTP site mentioned above.
I download the 9.3.0 MSI, then apply the MSPs for 9.3.1, 9.3.2, 9.3.3 and 9.3.4 using:
msiexec /p file.msp /a file.msi
The resulting install has the options in Trust Maganer grayed out.
Has anyone else had this problem with the latest version?