Hey Dude
I have 2 550's and the same thing happened to one of them. First the rainbow
colored liquid I would assume is either oil or gas. Second it could be caused
by bad engine gaskets(front,rear or both) leaking onto your stator which could
ruin it My ski was doing the same thing. It would start o.k. but no power at
all and oily water in then hull. Listen, I might be way off but look into
these things as a possibility. By the way the stator is ridiculously expensive
through the dealer. If that is the problem, buy a good used one off ebay or
one of the many reputable sellers on this newsgroup. Hope it helps man.
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