If you are lucky, the rotor fell apart. If you are not lucky, the timing chain broke.

Take off the oil filler cap and watch the camshaft while someone cranks. If it doesn't turn, it's valve job time. If it does, remove the distributor cap and see if the rotor is in bits. If so, replace it and you will be OK.

DO NOT redline an engine in unknown condition unless you don't care if it's gonna survive -- a worn timing chain will let go for sure, and the M103 doesn't have a really robust chain.

If you have an M104 (dual overhead cam), it won't be the rotor.

There are other possibilities -- bad crank position sensor, dead ignition computer, fried coil, dead fuel pump (see if it runs when you crank it), and more, but if it died at high rpm, don't expect it to be cheap.

When you get it running, adjust the kickdown cable and fix the vacuum leak at the modulator on the tranny or the intake manifold.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!