Time machine issue with MBL / no access + network issue

Hello MBL users, unfortunately time machine stopped working on my MBL. TM cant acces the backup volume anymore (if i start TM i end up seeing the waiting wheel foreever. nothing happens). - i use osx snow leopard 10.6.8. on 27inch imac - MBL is connected via gigabit to router, imac connected by cable as well - i can access the share drive volume (public folders etc.) in the finder and from my win7 laptop without any issue, but i cant access the mybooklive backup volume (immedieta error, connection failed). - i updated the firmware on MBL yesterday …didnt help - I thought maybe the backup file is corrupt and i simply do a new full backup…i cant even delete the backup through the WD console. Same problem…runs forever does nothing. I dont knwo what to do now…backup is gone…and i cant recreate it…realy unhappy with this product! If any one has an idea how to get the MBL back up and running, i would real appreciate greets

On the back of the MBL you  will see a reset button, press it for 4 second and check if that helps.