Hi, I have the same issue, and it comes from the list of recently opened documents. I use a laptop at work, and if the network that I open the documents from is not available, then Adobe Reader hangs for few minutes and then works normally. If you clear the list, Adobe Reader opens up right away. It seems like Adobe Reader is searching for location of the recently opened files, and it takes a long time for it to give up. I have Acrobat Pro at the same laptop, and it doesn't have this issue. Hope, that helps.
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