The red/hot pink glue is Loctite (or something like that).
Both Hori and Mad Catz have that junk on the JLF’s mounted in their pro-line joysticks. Mad Catz joystick CASES in particular have Loctite all over them. I don’t think many of the screws on the Mad Catz TE’s I own didn’t have Loctite on them. I’ve taken 2 Mad Catz TE cases completely apart and have never seen anything else with so much glue used in it.
Loctite generally isn’t a problem until you try to take apart something that has very small metal parts in it OR soft metal screws — like the JLF! Loctite makes the process of taking some screws off much more difficult. If screws are threaded properly, manufacturers really don’t need to use it, period! Loctite just makes the job of modding or replacing worn out joystick parts more difficult than it needs to be.
On the last JLF I own, I stripped ALL the mounting plate screws when I tried to take off the Mounting Plate. I’m convinced this happened – first time for me because usually I never ruined more than one screw when I took off MP’s off JLF’s before – because of the Loctite on the inside of the JLF’s base. The mounting plate screws that hold the MP onto the JLF go into very small hex bolts that are embedded in the plastic base. The screw threads poking through those hex bolts were coated in Loctite!!!
I still managed to take off the Mounting Plate but ended up replacing all the screws and one hex bolt with parts that I was fortunately able to buy from a local hardware store. The replacement screws were higher-quality than the junk Sanwa’s assembly line installed but I would never have had to buy them in the first place if the joystick assembler hadn’t gone crazy using Loctite on the JLF like he did!