Who does it? I have a board that I'd like to get repaired if financially viable...
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Take a hot soldering iron and take that cap off the board. See if it will boot up then.
When those tantalum caps short they tend to burn... but, sometimes you'll get one that doesn't fully go up in smoke, taking a chunk of the board with it. When that happens they tend to keep the switching power supplies in shutdown mode.
RJ
check the LEDs. I don't remember the exact pattern, but I think if the two next to each other don't both light up, and the one farthest away never lights up, that you're looking at a problem with either the U45 and/or U47 graphics processors being bad. either one will result in the game either outright not powering up OR you may have a scenario where the game will play blind.
you can alternatively try feeling either one of those chips. if they get hot or you notice a bubbling in the middle underneath the label, they are probably bad.
I had a board do this, but once I donated said chips from my good UMK3, I had a sound error pop up. I can't remember that chip off hand, but it's the little socketed chip near the sound section that was also bad lol. so perhaps my game did play blind, but I wouldn't know cause I had no sound.
The two led's next to each other come on, but the furthest one does not
you got another working Wolf board and a PLCC puller? I say swap the U45 and U47 chips and see if you get life.
Something else to consider, if the revision roms are bad, the game will not boot. Try installing new revision roms if you can.