This is my "spare" phone and I had the same problem. I just did a "hard reset" - holding the Power Button, Down Button and Home button all at the same time. Seems like it took forever, but it did shut down. However, once I restarted it I have the same problem - once it reboots, all I get is the red screen with the Verizon logo. So I just did another "hard reset" to turn it off. I think I held those 3 buttons down at least 10 seconds before it turned off.
Holding power button down does not power the device down but restarts it... I need it to power off... any other suggestions?