While good advise, pad fade and fluid fade are completely different.
One hard stop as stated above won't generate fluid fade. Just not enough heat in there yet. If it was an air problem the feel would be bad or soft all the time, even at low speed and modest pressure.
The description sounds much more like pad fade. The pedal was not described as 'mushy' or down to the stop, but the car simply didn't stop.
Sand down the rotors, source some new pads, bleed it completely and see where it takes you.
