hello all,
           I was wondering if anybody knows what the problem could be with my 1987 e32 735i !
 whilst having a wonderfully pleasant journey along the motorway the other day, with no traffic on the road, clear skies and early in the morning.It was the perfect opportunity to release the beast under the bonnet and free it from the 70mph limit i had initially set 140 miles ago to save my licence from the numerous speed cameras i'd be passing. So, right foot down, the engine roars into life, 80..90..100..110..120 just at this point the view ahead started to look ominous as the two lorries overtaking on the inside lanes are now accompanied by a third overtaking in the fast lane. (you'd think professional drivers would know the hazards something like that would cause)
Naturally, with this sight in front of me, I hit the brakes at once. This resulted in a great deal of increasing panic as the pedal was rock solid and with no braking happening, the future didn't look so bright. The dashboard tho, this was lit up brighter than a christmas tree with the brake warning lamp lit accompanied by a bong and brake pressure warning on braking.
I continued pressing on the brakes and after the initial hardness the pedal slowly travelled to the floor providing just enough stopping power to avoid an accident on the road but not good braking by no means.this the case, the car went home on the back of a recovery truck.
 in the light of day all associated pipes and fluid levels are ok,
 brake pressure sensors are working ok(when i removed the lower sensors wires the warnings went off, don't know if this one is either hi/lo pressure) 
if anyone could shed some light on what it could be it would be greatly appreciated.
thanks

god damn glad to see that nothing serious happened!!

damn aside from changing the brake fluid i'ld have your brake system checked out as well, i've been in a couple cars withreally old brake fluid, and doesn't seem to be the same result as what you had

damn good luck and let us know as to whats happening!!