I don't see any budging capacitors in the power supply photo, unless they are leaking from the bottom. That is glue near the DC output connector. I would check voltages regardless. Usually power supplies output +5V and +12V with the occasional -5/12V.
A blinking red light on the IP STD panel may indicate a "no signal/unstable signal" condition. If the power supply voltages check out, I would first look towards a fault somewhere in the input side of the electronics. Seeing that you are likely using PAL sources, try and manually select PAL input mode as per the manual instead of having it auto-detect the signal type.
Also this unit has a built in test pattern generator. Leave nothing connected to the inputs and see if you can get a test pattern on the outputs. If the signal is still unstable, than there is likely a fault in the output side of the TBC.
http://www.adcom.it/public/images/Ma...O%20manual.pdf