Whats the current refresh rate selected? 40 or 60 hz?
Well, some bad news....if you cant change the refresh rate, the display isnt being recognized properly....And the blink on the laptop says that too....the laptop tries to send the information to the receiver(your TV) but it doesnt accept the data....
on the good size, it can be the converter....mine was happening almost the same thing, i went to apple store and traded it for another cable(cuz it wasnt working) and voila, it worked...
My suggestion is , try it on others tv, if it works, well your screwed @_@ if doesnt, trade your converter
By screwed i mean, you tv probably isnt compatible.