  We consider the relation between the breakdown scale of chiral perturbation
theory, $\Lambda_\chi$, for large values of $N$ (flavor), and the scale
associated with ``new" physical thresholds. This question is addressed using
both the linear $\sigma$ model and an asymptotically-free gauge theory to
describe the high energy dynamics. It is suggested that the massive physical
threshold could be well above $\Lambda_\chi$.
