Here you can see what is becoming a common sight on all IM4406 Master Stations. This is the primary Linear Voltage Regulator in the power supply of the IM4406.
This component begins to overheat as the master station ages, you can see the darkened area under and around the LVR. The excessive heat form the LVR causes the circuit board material to darken.
If left unrepaired, the LVR will fail completely and teh IM4406 will stop working. I have seen many masters that have failed to the point that the LVR could be plucked off the circuit board with your fingers because the solder which holds it in place failed due to the heat form the LVR.