jmc

The first letter, as stated, must be L, and the fourth letter cannot be P. One way to solve this is to consider the permutations of all 7 letters where the first four satisfy these conditions, and then divide to correct for overcounting. Once we have placed the L, we have 5 options for where to place the P--- any spot except the fourth one, which will become the last one when we remove the last three letters. We can then place the remaining 5 letters without restriction, which there are $5!$ ways to do. This gives us a preliminary count of $5\times 5!=600$. However, no matter what the order of the last three letters, we will still get the same sequence of the first 4 letters; for example, LPROMEB, LPROEBM, and LPROBEM and three other permutations all have the first 4 letters LPRO. Because of this, each sequence of 4 letters has been counted exactly 6 times so our answer is $\frac{5\times 5!}{6}=\boxed{100}$.

Alternative solution by stevenmeow: There are 5 ways to choose the last letter (B, R, O, M, or E) and the L must go first. That leaves 5 letters from which to choose the second and third letters, so we can choose the second and third letters in $5\times 4=20$ ways. This gives us a total of $5\times 20=100$ sequences of letters.