Sounds like the top end of the motor oil starved, the cam shaft the froze in place and then messed up the timing chain timing. The only way I can see parts of belt material getting in the timing chain area would be if the serp belt shredded and then got past the crankshaft seal if the end of the crank was damaged, then wobbled when the cam froze. Either way, seems like the motor is toast.
__________________
2021 M2 Comp Sunset Orange |Black with orange Stitching Dakota Leather|Executive Pkg|DCT
|