Motorcycle Repair: break bleeding, break pads, master cylinder

Question
my bike is a 2002 Heritage Classic softail. i just replaced the rear pads and now don't have hardly any break pressure. i have bled them over and over to try and get the air out...not much luck. it seems to hold pressure like a bastard then slowly the pedal sinks. I am told the master cylinder might have gone bad?  it was perfectly fine before the pad change tho. also, i did notice that when i loosened the first 12 point to remove the break pads i got a fist-full of fluid. I am at a loss as to what to do. any help would be awesome...almost time to ride!

Answer
You probably still have air in the line. Due to the fact that the brake line is small and the hole for the brake fluid in the master cylinder goes through a very small hole, it takes a long time to bleed them. I am sure the master cylinder did not go out just when you bled the brakes.
Good luck and happy riding
Mike