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maxbookworm,
I don't know what the red LED means. However, there have been quite a few posts about very fast (ie: overnight) battery discharge.
The consensus fix/workaround for the rapid discharge is:
1. Charge battery to 100% (AC outlet or PC USB).
2. After unplugging the Nook from the charger, do a full POWER-OFF, then power back on. This must be a true power-off, not just activation of the screensaver.
Possibly this charging method will prevent the battery's rapid discharge and coincidently eliminate the red LED. It's worth a try ...
Marty
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