Glad it was a simple fix for you Whipper. My voltage regulators went out in my 96 ProMax earlier this summer and looked just like the photo mha posted. I was trimming down getting ready to launch when the motor died and wouldn't re-start. After sitting for a few minutes it started, but no down trim (up only). Put it back on the trailer and looked under the cover to find the down trim harness completely melted down, smoking and arcing. Immediately disconnected the battery and after $500 in parts was back in business.
Jerry
Jerry