Hmmm.

You must have air in there somewhere, or a busted line you've not found.

Did you get any pedal while bleeding the calipers, or did it stay soft then?

Make sure you don't run the master cylinder too low on fluid while bleeding -- you might not notice a "gulp" of air going in, and that means no pedal.

Have you pumped up the pads yet? If you put new pads in, you have to pump the pedal several times to move them out to touch the rotors. I didn't do this once, and we have a rather steep slope on the drive from the garage to the road. I backed the car out (my old Buick) and the pedal hit the floor! I remembered I hadn't pumped them up first, so was madly thumping away, hoping I'd get some brake before I rolled out onto the road.

My brother wanted to know what the funny thumping noise was, and nearly split his sides laughing at me when I told him.

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!