It's a daemon where your OSI stack will request for valid license before everything.
check if it running 'ps -ef | grep lmgrd' start it if not '/etc/init.d/lic_mgr start'.
Look at this directory /etc/opt/licenses/ where your license data is stored and the gui tool called lit among other things...
But i guess you don't have the right tool installed
, so be sure these 2 pkgs are on your box: SUNWlicsw & SUNWlit which are needed
A safe bet is to open a sun case