Open the fuel lever at the strainer bowl. Then remove the low level plug on bottom of carb. Fuel should run out in a few seconds. If it keeps on draining it is a needle valve stuck open. This could be the result of a float that has a hole in it and is full of fuel, or badly set float. You can inspect the float, and set it by removing just the bottom bowl. If you are blowing liquid gas out of the manifold you have to solve the excess fuel problem first. I don't think your M would go from a purring kitten to a non runner because of a sudden valve train problem.
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