While I think it is pretty clear that Obama, if born in the US, is a natural born citizen, I can at least understand the concern and wish the Supreme Court would make it a formal ruling.
I do not understand how someone could claim he was born in the US but had lost his citizenship as a child. That is almost impossible to do.
These issues make this theory highly implausible.
Article 2.
(1)A foreign child of less than 5 years age who is adopted by a citizen of the Republic of Indonesia acquires the citizenship of the Republic of Indonesia, if such an adoption is declared legal by the Pengadilan Negeri at the residence of the person adopting the child.
(2)Said declaration of legality by the Pengadilan Negeri shall be requested by the person adopting the child within 1 year after such an adoption or within 1 year after enforcement of this law.