[Bruce Edwards]

Ok, check for pressure in the system after the brakes are applied. Step on the brakes and then let them go. Open the bleeder on the caliper that is hanging. If you get a squirt of fluid the system is holding pressure and it should not be.
The way the calipers "pull back" the pads is very simple.The caliper piston slides out to push on the pad. As it does so it twist the caliper piston seal. If no adjustment for wear is needed the twist on the rubber o-ring will pull the piston back so that the pads do not drag.
Another thing to look for is pad binding. If they are hanging in the caliper or not straight they can get stuck and drag on the pad. With no brake applied the pads should move a bit in the caliper.
Good luck and let me know what you find.
If you still need help you can call me at my shop and I will try to help some more.