Stuck at hourglass screen after Factory Data Reset

[Guest Vegettobg]

I got a new phone and I want to sell my Vodafone Smart, but I wanted to bring it to out-of-the-box condition first. I format the SD card but when I opt for "Factory data reset" in the "Privacy" settings the phone restarts and stays on the hourglass screen (I waited 30 minutes).

If I try to enter the recovery menu holding he Volume Up + Power button the result is the same... Apart from that the phone works perfectly (when I remove the battery and start it normally after the hourglass screen).

The phone is standard apart from being rooted with SuperOneClickv2.1.1-ShortFuse" and had the Clockwork Mod installed because I thought I'd install a custom ROM but I didn't do more because I got new phone. I uninstalled Clockwork Mod and unrooted the phone but it didn't made a difference (I've seen the stock recovery menu when I first got the phone, out of curiosity, so I thought Clockworks was a problem).

What can I do to wipe/reset the phone?