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There's a TSB on this from BMW...
...search the forums or the web for details. There's a defect in the torque converter that allows all of the fluid to drain into the pan overnight, which causes the delay on a cold start. I recall seeing a TSB from BMW that the solution to this particular problem is a complete transmission replacement but they will only do so on a "customer complaint" basis and only through November 2006! I will look in the TIS tonight to see if I have the details and update the post.
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