Volvo: 1984 240 transmission engagement delay, power transfers, torque converter

Question
When cold starting on cold days, occasionally the auto transmission takes an extra 10 seconds to engage AFTER the selector has been moved from Park to Reverse or Drive. This usually happens when attempted promptly after starting the engine. If I let the engine run for 30 seconds or more, the transmission engages right away. In all other respects, the transmission seems to operate just fine. Is there anything in particular to be concerned about? Possible cause?

Answer
It does sound like you have an internal issue with your transmission.  My first thought is that it's something regarding the torque converter, which manages the power transfers between the engine and transmission.  It is filled with fluid, and can sometimes act up when the fluid is cold.  This might be a pointer to a larger problem pending, but at this point, the only thing you could do would be to pull the transmission and have a mechanic diagnose the problem.  Given that the transmission performs fine once the car is warm, I would say leave the problem alone until (if it does) it gets worse.  Good luck!