727 No forward or reverse

Just a question to people that know 727s well.
Is it possible that my problem is due to loose front band?
I pulled the pan off the trans (found some small metal shavings there and smelly burnt oil) and found out that front band (closer to pump) lever is very loose. I pulled the valve body off and saw that strut on the adjuster siide fell off on the valve body resulting in band completely loose.
Trans has manual valve mody with reverse pattern.

Thanks for any tips.