I am having the same problem.
It started this summer. Incidentally, i did scan many documents with a HP scan-to-PDF (with OCR) this summer. Additionally, i had lots of beachball incidents when opening those exact files, be it with Acrobat 9 Pro or with Preview. Sometimes, the beachball renders my system completely unusable.
Today however i got "only" ATSServer gobbling up whatever free resources i had.
This seemed to happen just when Time Machine did its magic.
My suspicion is that we are seeing some sort of malignous co-operation between HP-scanned (and OCRed) files, the fonts used therein, and Time Machine.
My target is to verify the individual components and to find ways to fix them in a minimally invasive way (i. e. leaving as much of the system's functionality intact, especially Time Machine and Spotlight, which i value highly and would not like to part with).
So, my time permitting, i will post here the results (if there are any) of my findings.
Steps already taken are:
1) Two hours ago, i disabled Time Machine.
Up to now, ATSServer behaves very nicely.
If that remains so, i first will reproduce the fault by re-starting Time Machine; then, i expect ATSServer to run amok again.
Next steps: If the problem recurs, i will take the fonts out of all and any HP scanned files, replacing them with Apple homebrewn varietys and observe ATSServer.