I can confirm this bug. My log files are very similar to Hugo's
Command line output:
$ gksu "update-manager -d"
warning: could not initiate dbus
extracting '/tmp/tmppEE0Ms/feisty.tar.gz'
authenticate '/tmp/tmppEE0Ms/feisty.tar.gz' against
'/tmp/tmppEE0Ms/feisty.tar.gz.gpg'
exception from gpg: GnuPG exited non-zero, with code 131072
** Changed in: update-manager (Ubuntu)
Status: Needs Info => Confirmed
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update-manager -d fails to upgrade from 6.10 to 7.04 due to download problems
https://launchpad.net/bugs/82464
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