Well just got the an update on my 300CE. It appears that the oil pump gave up the ghost. It seized up and snapped the bolt that attached the pulley to the oil pump. Something must have self-destructed internally on the pump since it is next to impossible to rotate the shaft. The most they can get the shaft to turn is 1/4 turn.
The shop is pulling a few bearings and end caps to verify that there is no damage. I will give an update when I find out more.
2003 SLK230 (Sport - 6spd)
1995 Ford Thunderbird