Well, from what I've heard about it, here is my explanation. I usually choose to disregard the L in there, because it's easier.
I've heard to things, it's an M and EB for Montreal Expos Baseball. Also, they might have made it for Edgar Bronfman, who is Charles Bronfman's brother. Charles Bronfman, if you'll recall, was the original owner of the Montreal Expos.