this may sound stupid, but it happened to me on my m103 (thankfully nothing was broken), but check to make sure you have the right firing order on the wires - if they are wrong you will still get spark, but not at the right time.

also, CPS could be the problem although if you have good spark it technically is ruled out.

what finally fixed my no-start condition was a new EZL ignition unit and new plugs.

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87 300E
202k on the clock