We present an analytic study of a periodic Josephson array with long-r
ange interactions in a transverse magnetic field which frustrates the
superconducting phases. We find that this system exhibits a first-orde
r transition into a phase characterized by an extensive number of stat
es separated by barriers that scale with the system size; the associat
ed discontinuity is small in the limit of weak applied field, thus per
mitting an explicit analysis in this regime.