Will GRB 990123 Perform an Encore?

The recent gamma ray burst, GRB 990123, has an absorption redshift z_s=1.60, implying an apparent energy $E \ge 3 \times 10^{54} erg$, and a peak luminosity $L_{max} \ge 6 \times10^{53}erg/s$, assuming isotropic emission. This energy is ten times larger than hitherto measured and in excess of the rest mass of the sun. Optical observations have revealed an associated galaxy displaced from the line of sight by $\sim 0.6''$. This raises the possibility that the burst is enhanced by gravitational lensing. We argue that existing observations probably only allow magnifications $\mu>400$ if the galaxy is at z_d=1.60 and the burst originates at much higher redshift. It should be possible to exclude this possibility by examining the burst time structure. If, as we anticipate, multiple imaging can be excluded, GRB 990123 remains the most intrinsically luminous event yet observed in its entirety.