It looks to me like it is just timing out trying to read the meta
release file and because this is from Oneiric it would be the
development one.

http://changelogs.ubuntu.com/meta-release-development

I am able to access this without any issues.  The following file is also read 
/etc/update-manager/meta-release so it might help if that were added to the bug 
report.

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https://bugs.launchpad.net/bugs/818760

Title:
  update-manager crashed with timeout in readline(): timed out

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