I had the same problem with my olevia 242-T11. I flashed it with the wrong firmware and the TV would not even turn on. The blue LED light would still light up and my PC would still recognize a connection when i hooked it up to the USB cable connected to the TV.
I was fortunate to download the appropriate software. The software is called MTK_DownLoad1.exe. I know this is the correct software to use for Olevia 242-T11 and Olevia 237T. I do not know if this will work with other models.
Here is the link to the MTK_DownLoad1.exehttp://rapidshare.com/files/17475900...load1.zip.html
You will also need to install the USB to Serial driver before you are able to use the MTK Download Utility. The USB Driver is located at http://rapidshare.com/files/17475900...river.zip.html
BE SURE ONLY TO UPDATE YOUR TV WITH THE CORRECT SOFTWARE OR YOU WILL BRICK IT. I was lucky enough to recover my TV and finally able to upgrade it to the correct firmware but my TV was non functional for about a week and this has been a huge headache and if i could go back in time i would definitely not do it so please ask yourself if its even worth it risking upgrading the firmware of a TV who parent company is reorganizing after declaring bankruptcy.
If you still want to do this, here are the firmwares for all the various Olevia models. http://olevia.ftpaccess.cc/support/OLEVIA/
I hope this helps all the people who need to recover / unbrick their Olevia TV's. If the links are down or you need any help please ask for help in avsforums. My id is sammykismail on avsforums and i will try my best to help you.