I would check all the rigging
at the top of the mast and the bottom ,maybe that red wire was supposed to be a ground and should have been black or any other color other than red and someone assumed it should be hooked to the positive battery terminal any way something might have fried like the screws,rivits or what ever now that the chain plates are battery positive and every thing else is battery negitive if it was bonded.Another thought is it was for an FM radio antenna,cause thats what I found on my old Bristol but that wire was laying next to the radio and the other end to the chain plate and it was black in colorOh and do cut that wire ASAP