I don't know where you got your ATP from, but there isn't a good reason, in clear weather, to climb above the service ceiling for your air-plane.
Now, I don't miss-underestimate how failures happen, how they combine, but I know my procedures. If I'm pulling fuses for things, I'm going to first SQUARK 7700, have the co-pilot screaming on 121.5, whilst he is charged with flying the plane (following a heading, not dropping out of the sky, like AF447!) whilst I then follow the procedures for the kind of electrical fire. Even if it's only for 10 seconds, the 7700 will be picked up, the ATC will see it light up like an angry chirstmas tree. It will not be 'cancelled' by the transponder then being switched off, the operative would have to cancel it, which they wouldn't do until after contact had been reached. In the case of say 7500, they wouldn't take radio as reason to cancel it.
The point is, the transponder just happened to turn off at the perfect moment (between two ATC services) after the ACARS had been switched off long before.
If you had a fire, that had endangered physically separated, redundant systems in that manner, I doubt the plane would be able to fly for 7 hours. The 777 is a fly by wire plane.
However, if you wanted to drop off, un-noticed, it is the perfect time.
Occam's razor n all that. If I thought such failures were possible, as I've said before, I'd shred my pilots license tomorrow.