ELECTRICAL WIRE ??

I got underneath my '91 LX 5.0 Conv. today to remove the wire from the negative battery terminal to the starter. I'm replacing both battery cables
to see if that solves my electrical problem- guage constantly showing discharge, battery light not working at all, airbag light flashing all the time, etc. I got the starter wire off, but while under there I found another flat wire 1" wide and all chewed up near the cat. converter on the passenger side. It was just dangling there, NOT connected to anything!

Could this be was causing my electrical problem? What is this for and where does it belong?

I also removed the alternator and will be taking it to Autozone to test.

Thanks

Larry (91 Ford Mustang, 5.0)

The wire is completely flat, very rigid, and has 7 or 8 strands of gold wire under the insulation. Could it be some kind of grounding strap?

Almost feels like a serpentine belt. The 02 sensor is connected.


Thanks

Larry