  We analyze the coulomb branch of the non-unitary Lorentzian three algebra
theory that has been proposed as a possible candidate for describing the world
volume theory of multiple M2-branes. In order that it describes the theory of
multiple M2-branes in flat eleven dimensional space-time, the ghost fields must
decouple and the physical theory must be independent of the eight coordinates
of the moduli space representing the center of mass coordinates of the branes.
We show that the structure of the Coulomb branch is consistent with this
requirement. While the full moduli space has the structure of a Lorentzian
space modded out by a Lorentz transformation, the physical subspace has the
correct structure of the moduli space of multiple M2-branes. We also suggest a
systematic procedure for testing the consistency of the theory by computing the
higher derivative corrections to the effective action obtained by integrating
out the massive modes propagating in the loop.
