VatorGator,
I'm woundering why your not blowing the fuses? Something is allowing the 48vdc to bypass the 40, 40A, 41 & 41A contacts. Are the controllers connected next to each other? Is there a square conduit on top connecting the two? Any chance where the wires come thru are worn thru the insulation? Have you isolate the 48vdc and work back from there. Is the 48vdc coming from the exciter or somewhere else? If it is the exciter where is the rest of the 125v?

I'm looking at DWG 477639 sub10.