[E38_Charger]

Firstly did you bench bleed the master? If you didnt then you can do it on the car. Disconect the lines, then Put your fingers over the line holes (on the master) except one of them, While some one else presses the pedal down and holds it down, then (with the pedal operator still holding the pedal down) cover all holes with lots of pressure (dont want any air to suck back in). Once you have covered all the holes he lets the pedal up. do that say 4 or 5 times to each hole until you have a steady stream of fluid. (make sure you keep the master full of fluid at all times)After you have done that Re conect the lines.

BTW. after thats done ** DONT FORGET TO WATER DOWN ANY AREA THAT MAY HAVE FLUID ON IT COS BRAKE FLUID DOES NASTY THINGS TO PAINT.**

Also did you then bleed the rest of the brake sys.? starting at the closest wheel to the master, and then to the next closest and so on.
This might take a couple of rounds to get a full pedal. Locking off the rest of the lines (with line clamps) will ensure no more air will somehow get stuck back in the lines. (make sure you keep the master full of fluid at all times)

(All of the above would be for a soft/spongy or completely to the floor pedal.)

But, if it is a hard pedal but almost to the ground, then this info i posted in a past post should help.

Firstly did u try reseting proportioning valve? If you did, then when the brakes are applied is it easy to lock them up? cos if it is, there should be a small rubber disc inside the booster. When u take off the master, there will be a gromet with a rod in the center, pull them both out. Get a torch and look in the hole of the booster. In the center there will be a black rubber (not metal) if there is no rubber then that will be the problem. It is about 1 centimeter thick and that when you push the pedal down is almost to the ground, cos of the mechanical advantage from the pedal arms.

I hope this helps.