Tranny fluid is pink, Engine oil is black but the dang coolant is brown.

Here is what I know- it looks like oil or some sort, I can see the 'fat lobules', whatever it is is lighter than water.

I have flushed the coolant about 6 times already with a solution of distilled water and cheapo walmart coolant. When I first drained it, it was dark brown, it progressively got lighter brown. I am out of water and coolant now and will do it again tomorrow after I get resupplied.

Here are the pictures...It is not rust. Does anyone have any idea what it is?

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Ben
1987 190d 2.5Turbo