Hello guys! Just received a secondhand HM-2 from ebay, but I may have got the cat in the bag. It was supposed to work, but it only works with 9V battery. Then the light comes on. When battery is removed and boss adapter (psa230)is used, the light is almost not visible, and the sound is extremely compressed and weak and fades out.
Glad to help. I found this site when I had the same problem with my CE-2. It was my first Boss pedal and I was sure the guy at the music store was just trying to peddle me another pedal.
Never noticed it was a ACA pedal, mines a '90 mit version and assumed it was PSA. Used daisy chains too so never encountered that. Out of curiosity, I looked inside, and if you went with Stinkfoot's second option to jumper the diode and resistor, it looks like its D1 and R1. Handy when most of your pedals are ACA. Welcome to the forum