95 bmw 325i: automatic transmission problems.

[BKbimmer]

My 95 BMW 325i's automatic transmission will not engage. The ABS and traction control light are lit. I accidentally pressed the ASC button when I went to put the seat warmer on going well above 25 mph. Everything was fine for awhile and then the transmission started to slip while in first gear. After I got got out of first gear the car was fine. This went on for awhile and then the transmission refused to engage at all. I don't know what to do to remedy the problem. Is this just a fluid problem? Maybe linkage or is it the torque converter? I hope the transmission isn't completely blown. Anyone know this could be or have any of you guys/gals had to deal with something like this yourself? Any help would be greatly appreciated!