Rjscharer,
Have you been able to get it adjusted correctly yet?
Take a look at this picture:
http://www.pelicanparts.com/BMW/tech...tment/pic5.jpg
As 68 Fastback said, you need to adjust the shoes inside the rotors.
To get to the toothed gear, you have to pull one of the pin drive pins, which is done with a large hex wrench.
Then use a small screwdriver to adjust it.
However, I don't remember which way to adjust it.
Some internet searches for bmw e36 parking brake adjustment could help.