Anyone else seeing error -1 trying to restore an iPhone 4 GSM?

I picked up an iPhone 4 for AT&T. It was dropped into water, as the indicators were red. Also looked like someone used it in a game of street hockey. In any case I replaced the battery, and dock connector. Usual water damage problems. Powered up into a boot loop. Nothing unusual there. Go to restore and presto! error -1. Used tiny umbrella to try to fix the recovery error/boot loop. Oh look. Someone used greenpois0n to jailbreak the phone. So the software is screwed up. No problem I can do a complete restore from itunes. Not with an error -1 it turns out. So after grueling research the consensus is a hardware error. Does anyone at all have any experience with this error? What if any hardware would typically cause it? Any help would be appreciated. First time I've hit one I can't fix. :/

Regards.