Guys,
The PicassoIV most common problem is the flickerfixer chip or another chip comes loose. Make sure all chips are firmly seated in their sockets, and if you can get to early startup screen which recognises PicassoIV, hopefully the rest will be fine. From there you can reflash the EPROM using the boot floppy which will update the picassoiv.resource.
If you can't get it to be recognised in early startup or cannot boot, then looks bad for the card.
Try also to force it to Zorro II mode using the jumpers as one of my a4000s refused to boot without that when i had a cvppc in the same box.