Did some research and found this recall for 06 Z4M's. I called Peter Pan BMW in Burlingame and provided my last 7 digits for my VIN and was informed that there was no recall for my vehicle.
I decided to take the time to remove my battery and tray just to double check and found that the cable was bent and twisted in the wrong position just like in figure 1. I electrical taped the wire down in the correct position and was able to start the car. It cranked for a good 3 seconds before it fired. I will monitor the car in the next few weeks and see if this helped resolve the issue.
Here's the link to the recall notice:
http://www.bimmerfest.com/forums/att...7&d=1190441391