I stopped at the store on the way home last night and my 95 LT1 coupe failed to start when I came back out. No clicking, no grinding, nothing. The power was still available from the battery to to turn on lights, radio etc. and the hood lights were working when I opened the hood. I checked and shook the battery cables. Still no good.

So, I then opened up the passenger side fuse panel and took out the LT1 Eng and Ignition fuses, checked them and wiped off the contacts. Then I wiped off the VATS resistor on my ignition key and tried starting it again, and it started right up. I don't know if I had a bad contact on the two fuses or bad contact on the ignition key.

Weird!

 

Had a similar (did i mention gut-wrenching) experience...I'm betting you fixed it by cleaning the key...thats all I did to fix mine :o

 

Mine did that a few times too, I think its Vats system, at first I too thought it was a loose fuse, contact, anyway the car will start right up after the time delay, I think its 5 minutes.

Like I said it did it a few times, but stopped after I replaced my ECM.
I did not replace my computer because of that, but was restoring my PKE system that the previous owner bypassed, at that time I found I needed a new computer, I now have one from a 1996 in my 1995.
My wife had oil and cream on her hands once and dirtied the key about a year ago and needed to clean it and wait for it to reset.

N7

 

When mine did it, removing the battery to reset the computer made it okay for a few starts. But, this was the beginning of the requirement to change the computer. Changed it. Now no prob.

 

I believe I read somewhere, it's 4 minuites to clear if the VATS kicks in and stops you from starting.

 

VATS measures the resistance of the pellet in your ign key and if it exceeds 5% from the stored value, it won't allow a crank nor the injectors to be pulsed to prevent push starting. If the value is not correct, you have to wait 6 minutes to try again. When it won't crank, jump the clutch safety switch (gear selector switch if automatic). Connect a voltmeter from clutch switch jumper to ground and see if there is 12v when you attempt a crank. If there is and no cranking, the starter solenoid on the starter is suspect. If no 12v, VATS is suspect. Next try your spare ign key as its pellet contacts aren't worn like your everyday key. Continued problems require a test of the contacts in the ignition tumbler. Remove the hush panel above the drivers feet and locate the two wires from behind the steering column (white on my 87) that go to a 2 pin connector. With the ign key inserted, unplug the connectors and measure the resistance across the wires from the steering column. They should measure the same resistance as the pellet. If over 13k ohms, you need a new ignition tumbler which has new contacts that make connection to the pellet. You can temporarily bypass VATS by connecting a fixed resistor the same value as your pellet across the 2 pin connector going into the wiring harness (goes to VATS module). You can use a 1/4 watt 5% resistor from Radio Shack. Dont' permanently bypass VATS because 99% of thefts are done by bashing the column and jumping the ignition.