Relax man, it's not really that bad. Trans program is a computer error, not a huge transmission problem. Your trans is most likley fine, but it's not properly communicating with the computer. Just like most bmw problems, the part did not break, but the sensor that monitors the part did.
Alpine, the valve body is definatley not causing a trans program message. Trans program occours when the transmission computer runs into an error, faulty ground, shorted connection. What the car does when trans program appears is lock itself in 3rd gear. you can drive it.... but you've got 3rd gear to start and end with. It won't shift.
as someone who has battled trans program before...
There are MANY things that cause this. Your dealer will want to replace the transmission and trans computer. Don't.
Check here: BMW E34 Website
I noticed that on my vehicle, the 1993 525i (my dad's), the problem seemed to come and go with temperature. I suspect a faulty ground and I never really got to the bottom of the problem. All I know is following those troubleshooting steps took the problem from constant whenever there was cold weather, to very very seldom. By seldom I mean maybe once every 3 months I start the car and it does it, however, shutting it off and turning it back on fixes the problem.