OK, here's how I read your story post flood; "AFTER A FEW DAYS AN ELEVATOR CO. REP. CAME OUT TO LOOK AT THE ELEVATOR". Later, "I GOT ON TOP OF THE CAR WITH THE POWER ON". Hmmm. You're the owner or the building owners representative and number 1; You got on top of the elevator with the power on (or off it doesn't matter) and it sounds as if YOU'RE NOT AN LICENSED ELEVATOR MECHANIC, and 2; your asking us to diagnose your Lamda Edge unit trouble when the car itself doesn't run. QUIT MONKEYING AROUND WITH THE UNIT!!! These glowing LEDs may be the least of your worries. So, "IN THE MEAN TIME", if you're unhappy with the 5 figure time and material proposal, seek another from a qualified licensed elevator company...BUT don't put yourself in harms way by accessing the car top or pit area attempting to self diagnose the elevators trouble when you really have no idea what you're doing. We've had too many experienced elevator mechanics loose their lives due to unforeseen circumstances and (I hate to say this) some due to carelessness, i.e. bad decisions. Don't add your name to the list or put the public at risk. Water damage to controls can cause a heck of a lot of trouble and expense (I'm not saying 5 figures sounds reasonable or not, that's not my point here). Get a few bids from reputable companies, then just choke and pay it to get it done right.