Look carefully at the cipher (is that the right word Steve P?). The blob in the 2:00 o'clock position does not connect to the L (if it connected, then it's a C) in the same manner that the blobs in the 6:00 & 9:00 o'clock positions do not connect to any letters. All 3 blobs are filler, which could be removed without altering the initials.
You're not pulling a Gene Trimble on me, are you?
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