My year old ESC will now only operate in one direction. With the other direction, the motors stutter and do not turn the shaft(s). This is a viper 40 powering two 550's on gearboxes. Found this reset instructions, did not work for me... 1) Remove the speed controllers receiver lead from the receiver. 2) Switch the controller on (you should see a solid red light on the controller) 3) Press and hold the set button for 2 seconds then release (You should see a flashing green light on the controller) 4) Press the set button 4 times 5) Wait for the lights on the controller to stop flashing an settle back at solid red 6) Switch the speed controller off, replace the speed controllers receiver lead and switch back on.
I have a 10 year old Marine 15 that has the same issue. I wonder if the transistors for forward are blown?
Double check all your connections & verify the motors are good (test ESC with other motors and motors with another ESC). Loose/poor connections can cause strange things to happen. If the ESC itself is bad then aside from the programming options I doubt there is much you can do to fix it.