you gotta go back to your friend and interrogate him.
when did it start to act funny? after he dropped it? after he dropped it in a bucket of water? or did he pull out the memory stick while it was still running? did he try to install cfw?
ask him what he did just before it first acted up and what he was trying to do when it acted up...
he is not been helpful, at all.
obviously, the psp doesn't go into recovery on powering it on.
pandora battery and mms seems to be the way to go but have you rules out mechanical/hardware failure?
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