Red power indicator light is blinking

Read the info from the link below to troubleshoot the failure with your LCD. Try not for force the LCD to work because for the time being it might only need the capacitors listed in the link but if the lights is blinking red, then the failure is a bit more complex to repair.
http://www.fixya.com/support/t3771079-lct2701td_t_v_will_not_turn_only

The power supply might have a shorted/defective diode(s), blown resistors, capacitors if the light is blinking on the front of the LCD.
I repair these power supplies, write to [email protected] if you need further assistance.

The flashing light indicates a short circuit inside the power supply circuitry. This type of repair is not a DIY without a multimeter, desoldering iron and hand soldering skills. I repair these power supplies, if you need further info write to [email protected]

You most likely have low voltage power trouble. 5v line. This line feed the microprocessor. The power supply must be repaired or replaced.

The red blinking light indicates a shorted part inside the TV. It normally happens when the power supply is trying to compensate the demand for proper or clean power to the rest of the boards. Most of these power supplies have defective capacitors and shorted zener diode(s) as well open surface mount resistors.
I repair these power supplies, if you need further assistance write to [email protected]

The blinking light on the front indicates a shorted part in the power supply. The power board will need to be replace or repair to restore the LCD functionality.
Let me know if you required further assistance.

There is a high power supply failure rate on these LCDs. The power boards are not longer being manufactured or not easy to find.
Write to [email protected] for more info.

The only solution at this point would be to get the power supply repair since new boards are not longer being manufactured. In about 95% of the time if the LCD doesn't power up or turns OFF by itself or need to be unplug for some time to make work again; those are the symptoms of a dying or defective power supply.
I service these power supplies, for more info write to [email protected]

I do not think there aren't any new power supplies available to fix these LCDs. The only way to make the LCD work again is to have someone to repair the power supply.
You could send me an email to [email protected] for more info.

Our AKAI also shut off & the red light started to blink...got no help from AKAI, but did from COSTCO. We bought the set before the 90 day warranty they have in place now, so they referred us to COSTCO Concierge Services: 1-866-861-0450. We were referred to a repair service & after discovering what the problem was found out that AKAI not longer has parts for this model. COSTCO replaced our TV---talk about satisfaction guaranteed.