No, it's not a similar fault. The PSU in my VCR is dead (a faulty diode in the switch-mode circuit it seems). Your description seems more like a "logical" problem, maybe a sensor (microswitch) or some mechanical part that's jammed/not in the correct position? The flashing led and display might be a code for a spesific problem (you would need access to a service manual to find out what it means if that's the case). That's my best guesses...

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