Apparently, this issue has been forgotten after bug 978
has been resolved as invalid. K-Meleon 1.5 currently ships with profile.dll that it doesn't use and doesn't initialize properly. This causes Adblock Plus to fail - the profile component returns that the current profile is not available yet (it does that in SeaMonkey 1.1 and K-Meleon 1.1 if the user is currently selecting his profile), so Adblock Plus is waiting for a "profile switched" message that never comes. From what I can tell, there is no way to tell that @mozilla.org/profile/manager;1 component is unused.
Please remove that component if you don't use it. Or, if you don't remove it - make sure that it doesn't return wrong information.