Place frozen lima beans in a saucepan. Cover with the water.
Add garlic, thyme and bay leaf and stir. Bring to a boil. Cover, reduce heat, and simmer 15 - 20 minutes or until tender.
Into a sieve that is place over a bowl, pour off broth. Pour approximately 1/2 - 1 cup of broth back into saucepan with lima beans. Shake any garlic or thyme that sticks to sieve back into the lima bean mixture. Discard bay leaf. Stir in salt and pepper to taste. Evenly pour olive oil over all and stir. Check for seasoning and adjust with salt, pepper, olive oil, if necessary. Serve hot.
NOTE: to remove leaves from stem, turn stem upside down and run both index finger and thumb down main stem. This will remove outer stems and leaves. Add outer stems and leaves to dish. Do not chop.