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Sorry so late on this.I'd suggest ditching the Hosa 312 in favor of a Hosa ODL-276a. Then use the mini-me s/pdif.
We did a bunch of testing on this yesterday... The problem was the hosa (AES to opti). It has worked fine in the past at 44 but apparently not 48k..Not sure why it would not do 48k.. Whether it is a problem with the hosa or just a limitation of this model due to age, etc.
"ran nak550>cables>minime>usb>ibook and got 24/96, so the mini me is working right"Apogee says only 24/48 can come out of there USB interface.