Likewise documentation can be found at  $BLUESPECDIR/../util/flexlm/LicensingEndUserGuide.pdf
or via the MacroVision web site.

1) First see if the license server is running and if anyone has the license checked out

lmstat -S BLUESPEC

A response may include look something like this:
Users of BCOMP:  (Total of 250 licenses issued;  Total of 2 licenses in use)
                                                                            
 "BCOMP" v3.8, vendor: BLUESPEC
 floating license
                                 
   quark bluejay1 /dev/pts/2 (v3.8) (server.company.com/27000 559),
start Mon 10/23 15:41
   tinderbox blue64 /dev/tty (v3.8) (server.company.com/27000 472),
start Mon 10/23 15:40

in which case  user quark has a license, checked out on machine bluejay1
and user tinderbox has one checked out on machine blue64.

2)  Check if you can check out the feature

lmdiag BCOMP

Which may show something like this :
"BCOMP" v3.8, vendor: BLUESPEC
 License server: measure
 floating license  starts: 1-jan-1990,   expires: 31-oct-2007

This license can be checked out

3)  If step 2 fails, check your network configurations 

FLEXnet uses TCP/IP network ports to communicate between the server and client machine.  To see if the network is open,  verify that one can telnet from the client to the license-server machine.
telent <license_server>

If telent is denied, then you must open up ports to allow FLEXnet clients to communicate with the server.

4)  Remove stale cache file

FLEXnet uses a "cache file"  $HOME/.flexlmrc which sometimes become stale if the license file or server moves. It is safe to remove this file completely, or one can edit the line entries within the file.  The relevant line should read such as this:
BLUESPEC_LICENSE_FILE=@<license_server>