[glhonda]

Sorry guys. I'm not buying a sudden shut down or "Boom it just quit" as a fuel starvation problem. Something may have gotten hot and failed, but these aren't fuel symptoms.

 

[glhonda]

Well, you were not there to observe what happened...I was. The bike was running, the engine stumbled and then stopped. Trying to restart, nothing happened...opened the tank by removing the cap, tried starting a couple times and on the third try, it started. End of story...no boiling gas, tank was close to empty, but still had gas for 40-50 miles. The bike had been stopped for about two hours prior to the incident...was visiting a friend....so nothing was hot...it was as IF I had run out of gas...but still had gas in the tank.

You didn't say stumbled and stopped. You said stopped dead. It easier to diagnose when the story doesn't change.

 

[glhonda]

I will say the exact conditions when my bike died are as follows

8. Bike just quit, no stumble, no warnings one moment it had full
power next the tach dropped to zero.

When the just drops to zero, then the engine shut down immediately. Probably control unit or other electronic device overheated.
I suspect the "air" you saw in the fuel lines was a product of no fuel flow because the engine died. (fuel pump stopped, fuel vaporized).
This happens all the time in the industry. You have a heat related failure, check a myriad of possibilities, the component cools down and everything works again, leaving you with questions and suppositions.
Vapor lock due to heat on a running engine would exhibit lack of power, stumble, and eventual dying as the fuel pump struggles to pump gas/vapor.
The fact that the tach dropped to zero indicates ignition.