Test the crank position sensor. Also, can you tell if it's firing the injectors? How about fuel pressure?
If it were the immobilizer, turning the key would do nothing. No spinning of the engine at all, just the idiot lights come on.
Quotes to live by:
guessing gets expensive
nothing is more expensive than a cheap BMW
Ken Kanne, Silverhill, AL, Honorary Forum Grandpa/Craigslist addict/Hoarder of all sorts of stuff
1995 318is "Bebe"; 1993 325is "Elvira" 1985 635CSi "Katja" 1984 633CSi "Sylvia"
I NEED A NAP, DANG IT!