31550 and 31564 errors. Hanging when trying to access Utilities

[HelKon]

I had the exact same problem with my brand new MBL. I was helped by this post: http://community.wdc.com/t5/My-Book-Live/GUIDE-Factory-Restore-using-PuTTY-or-Terminal/m-p/513954

A bit scary since I am not an IT guru either but I did it and it helped me!