I want to thank everyone for the great advice and suggestions regarding my Amel 54 (Phantom) engine "no-start" issue. Since no one has been able to pinpoint the problem, I just had a Volvo Penta factory technician out to survey the situation. He thinks the compression is low on the engine, as it would not fire even as we sprayed WD40 into the intake. Although he had no specific rationale as to the possible cause of this conclusion, he did suggest that earlier fuel-starvation could have caused the problem, stressing the importance of maintaining a clean fuel supply at all times.

I have decided to replace the engine. That will restart the clock with zero hours and a 5-year warranty. The alternative would be to start tearing down the engine to determine the problem. Even if we do find something (blown head gasket, stuck valves, scored cylinders, etc.), chasing this "rebuild" tactic would be a very expensive and time-consuming operation - and it will still be a 9-year-old engine with 2500 hours. Although hugely expensive, a new engine is the only rational option. I do not want to continue chasing "ghosts."