  We discuss the leptoquark interpretation of the anomalous HERA positron-jet
events in the context of the YFS exponentiated Monte Carlo event generator
treatment of the attendant multiple photon radiative effects for both the
would-be signal and the SM background, wherein finite-$p_T$ photon effects are
properly taken into account and wherein infrared singularities are cancelled to
all orders in $\alpha$. We show that H1 and ZEUS data are consistent with such
an interpretation for a leptoquark coupling $\lesssim 0.3g_W$, mass $\sim 200$
GeV, and width $\lesssim 2$GeV. Possible future tests are proposed.
