There is no recovery, no fastboot mode available in this condition. The only hope is the activeX based flash tools. I have the DLLs and activeX of the tool, maybe some good Windows Forms dev can develop an app for flashing or at least extract readable error text from the DLLs.
SkyUpdate.dll is actually an ocx file. This is the main thing which is actually the flash tool. Combined with other DLLs it gets info about connected phone (when drivers are installed) and then downloads the latest firmware file (.binx format) to %temp%. after downloading the files it flashes it to the phone if version => phone's version. Because this is ocx, so it runs only in internet explorer (with compatibility mode ON).
Upgrade interface is : http://dmfile.isky.co.kr/NewSelfUpgrade/index.html
PS: Phone is not dead because flasher tool detects correctly. There is no pantech service centers in my country and neighbors.
Edit: This (XDA) is pretty much my LAST HOPE.
Edit: Had to create new thread for such details.