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2001 BMW 740 iL - transmission and electronic?

I have a 740 iL BMW. On the dash, the “Transmission Failure” light appeared in Feb. 2010. The car started to drag. I turn vehicle off and on again and continued to drive. The next day about 7 minutes into a drive the “transmission failure” light again plus “check engine soon” light appeared on the dash. The car came to a complete stop. I had the car towed to a shop. The car mechanics could not diagnosis a problem, because the car started to move again without any work done on it.

Your view on the following questions is requested: Is this a transmission and/or electronic problem? What is the best way to handle/fix the problem?

Note, this problem also occurred also about 2 ago in December 2009. At that time, BMW reset some CODE in the transmission.