740il leaking coolant/overheating is engine gone?

[LesG]

Well...I am afraid my 1997 740il 137k is in trouble.
It overheated and I have done the following:

Replaced the resevoir, thermostate, water pump and it is still over heating and coolant is leaking down in the front. With the car running coolant is dripping down from the lower front of the engine. I have looked all over the place and can not tell where it is coming from!

The next thing I was going to replace was the fan clutch, but with the leaking coolant I hate to keep throwing money at it.

I did a compression test and all the cylinders are right at 120psi...is this normal?

The plugs were dry, but two of them had some wet oil on them...but not soaked?

The car seems to have the same power it has always had.

One more thing...the radiator hoses are not getting hot.

Also, the coolant does not seem to be circulating when I take off the radiator cap.

ANY THOUGHTS WILL BE GREATLY APPRECIATED! THANKS IN ADVANCE. I SURE HOPE MY ENGINE IS NOT SHOT.

[witeshark]

Are you sure the coolant system is free of air?

[LesG]

I think it is.
I turned on the heat to high...but not crank the car and added coolant until the floeat was about even with the expansion tank. Then I cranked the car and opened the bleeder screw.

Could air in the system be causing the coolant to leak out a weird spot I can not see? Thank You