My '88 K1500 did exactly that, about a year ago. Drove to a gas station to fill a compressed-air tank for a friend. Started the engine, and had nothing but "Park" and neutrals.
Checked fluid level, seemed fine.
Shut truck off, started again...and had gears. Delivered the air tank, shut engine off, re-started to go home...nothin' but neutrals.
Got it going again, drove home with obvious transmission "issues".
Best I can tell, the disintigrating transmission plugged the filter. With the filter plugged, there was no fluid pressure to engage clutches and bands. Thus nothin' but neutrals.
Eventually the trans was opened-up; I had band material--including big pieces, see photo below--in the pan. The trans was overhauled: New 2-4 band, new planetary gearset, some accumulator springs.
Photo 1: Naked-steel 2--4 band
http://hbassociates.us/K1500_2020_TransCarnage_01.jpg
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Photo 2: Broken accumulator spring
http://hbassociates.us/K1500_2020_TransCarnage_02.jpg
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Photo 3. Broken planetary gearset
http://hbassociates.us/K1500_2020_TransCarnage_03.jpg
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Photo 4. Broken annulus for the planetary
http://hbassociates.us/K1500_2020_TransCarnage_04.jpg
Aww, crap. Photo got displaced to the bottom of the post.
By comparison, I've got a 2003 Trailblazer that spent a decade not going into Reverse in the winter, until the engine ran long enough to warm up the trans fluid. Spring, summer, fall--NO PROBLEM. Winter, throw it in reverse first thing in the morning, and nothing but neutral for thirty or forty seconds. Forward gears were fine.
Eventually, I dropped the pan, found no real dreck or chunks in the pan. Shoved in a new filter and fifteen quarts of fluid (flushed converter) and now it's fine. Works great. Vehicle (and trans) have 250,000 miles on 'em.
Point being,
if you drop the pan and there's no carnage...slap a filter and new fluid in it and see what happens.
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