BMW Repair: 1998 740 i, failsafe mode, transmission control module

Question
i had the message "trans failsafe ring" pop up tonight in my car. could you tell me what that means?  

Answer
Kevin, the transmission control module (EGS) has encountered a situation that can effect the transmission shifting. The transmission enters a failsafe mode with preset pereameters to protect transmission components. You will get maximum trans. hydraulic pressure (hard shifting if any). Usually you will get fourth gear and reverse gears only. EGS is the most sensitive module to low battery voltage. Check Fault memories and vehicle battery and alternator condition and operation.
-Evan