Make sure the CONFIG jumper on your MEDIATOR is set to open for the PPC card. Unlike the apollo 1240 (which needs it to be set to closed) the jumper should be set to open with the BPPC
I had a similar problem with a ppc card a few months back - had fried a motherboard with the PPC attached, when I plugged the PPC into another motherboard - signal was supplied to the monitor, however just a black screen, no sign of boot up.
Tried it again many times over the next few days - same lack of results.
Mourned the passing of another PPC, I had just about decided to give up on my amiga days and sell everything.
A few weeks down the line thought I'd try it again - worked fine, and have had no problems ever since. I figure it just felt it wasn't getting the respect it deserved, and decided to go on strike for a bit.
Since then I have also upgraded to 060 (from 040), and plan to add scsi (needs time and access to hot air soldering facilities - I'm working on it).
Hope yours comes back to life too.
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Have just read through your 'Sad day' posting again - :-( That would have been it for me, I wouldn't have been able to carry on I don't think - glad most of it is working again :-)
btw - 040 PPC are really power-hungry - have you fed extra power to the motherboard using the floppy header on the motherboard?
Have you tried doing a soft reset a few times (Ctrl-Amiga-Amiga) to see if it boots after that? I also had a ppc which needed a soft reset to get going.