I like the concept in #41. Very created use of the initials. I wonder if it would not look better inside a box instead of a circle and either darker grey or black legs on the "M"
Thanx for the feedback, I think the square will be good but as far as black or dark gray is concerned in the legs of 'M' i think it will not be clearly visible on dark blue color in the background. i have provided some options. Do check