I just got my 505 yesterday and I have just experienced this issue. I opened a large book, it showed as formatting then reset, then shut off.....then every time I tried to switch on it switched off. I was using a MS at the time so i removed it then switched on let it run and then reinserted the MS and allowed it to check it, then my collections on the MS had gone !
I have just added them back in and will see if this formatting/reset issue happens again.
I was concerned and wondered if it would have to go back, but sounds like this is a bug, or should I be more concerned???
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