Problem with V-M tone arm.

Just got a 1954 VM tri o matic 1200 series. And the problem I am having is that the tone arm stays suspended about a 1/2 inch above the platter? I checked the lifting rod and it moves freely up and back and it will cycle and return and stop as it should but the arm will not fully descend? It sits on the lifting rod as it should. I have never seen this before? Has anyone else seen this problem with these changers?

Indeed I've seen LOTS of problems with changers - people putz with them not knowing a blessed thing what they're doing.
Is the height adjustment screw (8) properly adjusted?
Upon return, with a half-inch stack of records on the platter, the stylus should clear the stack 1/8 inch.
The arm tube should just be slightly above the rest post before setting down on shutoff.
Sounds like someone putzed with this changer already.

The place that it could possibly be is in the brass part that the lift rod goes through. The arm wont even flip back to adjust the screw that controls the stylus landing. Maybe it is pushed down somehow? I will take it all apart tomorrow. Have to replace the spindle anyway that was snapped off in shipping.

You're going to end up rebuilding this changer anyway. Might as well do it right. Take a lot of pictures if you don't have the service manual.