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I bet it's a DLP TV correct? This symptom would indicate that the color wheel has flown apart. Which results in a monochrome only image. Color wheels are expensive and need to be replaced by a qualified service person.
The flashing power light on those Toshibas is usually caused by capacitors on the power board having failed solder connections. I have fixed them before by removing the power board and resoldering the capacitors. If you have experience with soldering and electronics it is an easy repair. Most shops will recommend replacing the entire board since their labor to repair it would probably cost more. Toshiba put out a service bulletin on this issue which a good technician should be aware of. (If memory serves the capacitors are C109 and C110. Since your TV still turns on you probably haven't blown fuse F860 which often blows when these capacitors act up.)
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this is the worst investment I have ever mede after replacing the bulb for every six months the color wheel goes out and its 750 to repair basically after the initial arm and a leg the TV came back for the other ones And the customer service from Toshiba is even wors than the TV I guarantee you will end up cursing at them before you hang up in there face after the smart *** remarks If you buy this TV your as stupid as I was Toshiba is the worst brand to buy
You need to replace both convergence ICs they are both STK392-110 ICs. You can get replacements at the following link and they provide free instalation instructions with pictures on how to remove and replace the convergence ICs.Here is the link. http://servicemanuals.vstore.ca/
More than likely, as with almost EVERY 46HM95, it's your light engine or color wheel (same thing) starting to go out. The piece alone will run between $500 and $750.. Install prices depend on where ya go. And don't let the Toshiba rep lie to ya. That person might not have known the problem, but Toshiba as a whole has heard about this problem and known about it. If you've searched the internet for the same problem, you'll see that almost everyone that has bought this TV gets the same response from Toshiba "Never heard of it" or "it's out of warranty, tough luck" I'm surprised there hasn't been a class action lawsuit yet.