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Tony,
You are really correct in the fact that there is a sensor on the flywheel on the passenger side near the water cock. This sensor is only for the Volvo Monotester, and it is only for measuring the RPM while setting the timing.
I find it interesting that the engine has spark, and fuel, but refuses to start. The facts presented may be in error, or it may be getting too much fuel.
I just had a glimmer of an idea. If Ribit turned on the flywheel while loosening the clutch, he may have spun the engine against normal rotation, and s possibly the belt may have slipped, if there was enough slack at that moment.
The idea above is weak, and I find it almost unlikely to be correct.
Goatman
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