Well guys I noticed what looked like water droplets in the master cylinder. So I kept the MC topped off and bled the rear brakes over and over and over and eventually I gained pedal and now all is well. I should have added earlier that the biked has 3100 miles on it. My boss suggested since I keep it outside that maybe condensation had caused water droplets in the system. I guess he was right. Thanks for all the advice and don't forget that this weekend at Lake of the Pines in NE TEXAS there is a vintage British Bike Show.
