Alfred is half (maybe 3/4 ) right.

The quick connect/low power warning is indeed the cause of your receiver flashing.

Where he put his foot in his mouth is with the 401.

It MUST be initialized in AVCS mode. If you initialize it with the switch in rate mode position it will fast flash for 3 seconds then slow single flash indicting an error condition. A rudder input is a double flash, pause, double flash.

Your particular problem is the gyro is completing its initialization before the reciever locks on so its not seeing the signal on the gain line telling it to go into heading hold mode. When you reboot the reciever the quick connect kicks in and the gyro locks on to a valid signal but the recievers flash telling you that you had a power failure.

The solution is to put the gyro switch in heading hold and rebind the reciever.

Your problem will go away.