With an inferred bolometric luminosity of 5 x 10(15) L., the recently ident
ified z = 3.87, broad absorption line quasar APM 08279+5255 is apparently t
he most luminous object currently known. Since half of its prodigious emiss
ion occurs in the infrared, APM 08279+5255 also represents the most extreme
example of an ultraluminous infrared galaxy. Here we present new submillim
eter observations of this phenomenal object; while indicating that a vast q
uantity of dust is present, these data prove to be incompatible with the cu
rrent models of emission and reprocessing mechanisms in ultraluminous syste
ms. The influence of gravitational lensing on these models is considered, a
nd we find that while the emission from the central continuum-emitting regi
on may be significantly enhanced, lensing-induced magnification cannot easi
ly reconcile the models with the observations. We conclude that further mod
eling, including the effects of any differential magnification, is required
to explain the observed emission from APM 08279+5255.