Under the car, over the drive shaft is a yolk with a cantilever and adjustment screw. It sounds like you've got a little too much slack. Take a few turns on the adjustor screw until the pedal stays in the released position. Make sure your parking brake sets properly. Should feel fairly snug after about 7-8 clicks.

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Jeff L
1987 300e
1989 300e
1987 BMW 325