My first thought was that it looks related to various Slavic language words for 'lazy' descended from proto-Slavic lÄnivŃ, but I don't know any that end in -mo. Doesn't mean there isn't one, mind, just that I don't know it.
Could just be a family name from somewhere in the world, too.
Though, it has a Y in the middle, and English speakers in particular love throwing random Ys around when making up fantasy words, I've noticed.
According to some d2 wiki I found:
"This unique Belt, formerly known as "Lenymn's Sash", was changed to simply "Lenymo" towards the end of the D2 beta"
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louner
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