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Did this happen to be a Beck/Arnley Master Cylinder?? I am having what sounds like the exact same problem. Just curious, how did you realize it was defective again?
Ok I finally threw in the towel and said screw it, lets take out the master cylinder. Sure enough, the bastard was stuck in the "depressed" position, and the rod coming out of it was at a 45degree angle just wobbling around.
I think this is the point where the mc was considered toast.
However, if you situation is different you might want to start your own post.