Thank you for your help.

I was using that NRG V31 image and also burned it many times on 2 different CD-R brands. It just wasn't booting.

I've burned V29 on DVD-R for the last try and it worked finally.

Looks like i don't have a luck with V31 or my MKIV does not like CD-Rs.

It's working OK now in version 29. I'll get original BMW V32 on eBay.

Not worth damaging 800 USD unit for 30 USD software update...