update-manager can't resolve calculating an update to latest 12.10

[Chascon]

Invoking update-manager results in the following message.

"An unresolvable problem occurred while calculating the upgrade.

Please report this bug against the 'update-manager' package and include the following error message:
E:Error, pkgProblemResolver::Resolve generated breaks, this may be caused by held packages."

wajig update && wajig upgrade && wajig distupgrade also similarly fails but with the following:

SystemError: E:Error, pkgProblemResolver::Resolve generated breaks, this may be caused by held packages.

 I don't have any pinned packages, if that is what was meant in the error message.

ProblemType: Bug
DistroRelease: Ubuntu 12.10
Package: update-manager 1:0.169
ProcVersionSignature: Ubuntu 3.5.0-11.11-generic 3.5.2
Uname: Linux 3.5.0-11-generic i686
ApportVersion: 2.5.1-0ubuntu1
Architecture: i386
Date: Fri Aug 24 02:07:44 2012
GsettingsChanges:
 b'com.ubuntu.update-manager' b'first-run' b'false'
 b'com.ubuntu.update-manager' b'launch-time' b'1345788435'
 b'com.ubuntu.update-manager' b'show-details' b'true'
 b'com.ubuntu.update-manager' b'window-height' b'600'
 b'com.ubuntu.update-manager' b'window-width' b'600'
InstallationMedia: Ubuntu 11.04 "Natty Narwhal" - Release i386 (20110427.1)
PackageArchitecture: all
SourcePackage: update-manager
UpgradeStatus: Upgraded to quantal on 2012-08-18 (5 days ago)

[Launchpad Janitor (janitor)]

Status changed to 'Confirmed' because the bug affects multiple users.