  We attempt to explain the large ${\bar \Lambda}/\bar p$ ratios measured in
heavy ion collisions at $12~{\rm A\cdot GeV}/c$ beam momentum within an
hadronic framework. The ratios are large compared to corresponding ratios in
$pp$ collisions, and to thermal fits. We show using a simple model and a
detailed cascade calculation that different annihilation cross--sections of
$\bar \Lambda$'s and $\bar p$'s, and the net conversion of $\bar p$'s to $\bar
\Lambda$'s, do not account for the enhancement. Uncertainties in elementary
cross--sections and formation times are also considered.
