There is a red blinking light on the bottom right

You have a blown power supply, most likely caused by defective electrolytic capacitors that if are electronically handy can be replaced for a few dollars.
Here is a link to some one who experienced what you are going through and how he got his repaired for less than $30.

http://recycledpapyr.us/2009/03/26/blown-power-supply-on-philips-plasma/


Defective electrolytic capacitors from China are a rampant problem. Cheap Dell, computers fail all the time because of this problem. I repaired my Commercial grade $2500 Samsung 42inch LCD monitor for the very same reason. I was able to open up the case fairly easily and remove the board, replace the defective capacitors with much better grade caps and be on my way, has worked great ever since.