Basically the simple answer is that a flashing timer / power light on any JVC TV indicates that the power unit has shut down into its standby state because a fault has been detected in the circuitry, and in the case of CRT models manufactured around the era of the 27120 and similar, its nearly always caused by failure in the vertical scan stage, this due to either bad joints on the IC, faulty capacitors, or the IC itself having blown, or a combination of both. These components aren't really very expensive, but its what the service charge is by whoever carries out the work. Whats mentioned is the most common reason, however "Murphy's law" is always ready to strike and so it cannot be guaranteed that this is definitely the cause of your particular problem.