There is a gear in the cocking mechanism near the top of the camera that has either slipped, or lost a tooth. Do this, without film and the bottom plate removed, cock the camera and you will see a round thing turning while you cock the camera. Once it gets to jammed, move further that round thing with your finger nails and you'll get your M3 cocked and unjammed. This is an indication of the problem with that gear.
It happened to me on my first M4-P after it had been dropped. Don had it fixed, but I sold it later and replaced it with another one because I did not like the bump at the top right side of it.