you might try the Sony-Stock-Updater from here:http://s02.download.sony.com/prs/prs...1.00.18040.exe
But it is crucial to get the Reader detected from the PC.
Hardware-defect is possible, but as long as the message on screen changes from "..failed, try again" to "...updating now" there is some detection on the PRS 505 side.
Can you try with a different USB-cable, please?
And try this sequence to restart and connect the reader:
1) reset, wait some seconds
2) power on, with USB cable NOT connected
3) connect USB cable within the next second, before the start-screen comes up (just reach down after flipping the power-switch, and plug in the connector)
I'm not sure if the Updater should be already running while restarting/connecting the reader, or if it should be started afterwards. So try both scenarios.
PS: repaircost will probably exceed the cost of a new T2, and you will get a significant better display.