  After a brief historical background on the $\Ls$, we revisit the 25 year old
controversy on whether $\Ls$ is a $qqq$ (L=1) three quark state or a $\K$ quasi
virtual bound state. This work is stimulated by the recent suggestion of Isgur
that s be treated as a heavy quark in heavy quark effective theory HQET. We
re-examine the empirical evidence for minimal mixing amongst singlets and
octets in negative parity baryon states, with a possible dynamical origin in
the opening of inelastic threshold channels. Finally, we suggest that $\Ls$
belongs to a class of hadrons which are described simultaneously as $qqq$ or $q
\bar{q}$ states and as hadronic bound states.
