Sega Naomi 2: No power at all

[Hydreigon]

Different Naomi 2 motherboard, different problems. I was under the impression the fans on that motherboard were bad due to loud/worn out fans (any Naomi related system won't boot with a bad fan). Turns out that wasn't the case. This motherboard doesn't get any power at all (no lights and mb fans won't spin). Have tested it with a working filter board. Voltages are (now) fine (the power supply was a bit too high at 5.3v so it was lowered to 5.05v). The previous voltage output booted the working Naomi 2 fine. All the connection pins to the filter board are clean and none are bent. No signs of burns or corrosion either.

Do you think there is something that regulates the voltage on these Naomi 2 motherboards that could have gone bad? It's going to be difficult to brute force checking voltages on some components to find the culprit.

Thanks