  Six high-resolution (\lambda/\Delta\lambda ~ 3000) far-UV (\lambda\lambda =
910-1210 \AA) spectra of the magnetic cataclysmic variable AM Herculis were
acquired in 1996 November during the flight of the ORFEUS-SPAS II mission. AM
Her was in a high optical state at the time of the observations, and the
spectra reveal emission lines of O VI \lambda\lambda 1032, 1038, C III \lambda
977, \lambda 1176, and He II \lambda 1085 superposed on a nearly flat
continuum. Continuum flux variations can be described as per Gansicke et al. by
a ~ 20 kK white dwarf with a ~ 37 kK hot spot covering a fraction f~0.15 of the
surface of the white dwarf, but we caution that the expected Lyman absorption
lines are not detected. The O VI emission lines have narrow and broad component
structure similar to that of the optical emission lines, with radial velocities
consistent with an origin in the irradiated face of the secondary and the
accretion funnel, respectively. The density of the narrow- and broad-line
regions is n_{nlr} ~ 3\times 10^{10} cm^{-3} and n_{blr} ~ 1\times 10^{12}
cm^{-3}, respectively, yet the narrow-line region is optically thick in the O
VI line and the broad-line region is optically thin; apparently, the velocity
shear in the broad-line region allows the O VI photons to escape, rendering the
gas effectively optically thin. Unexplained are the orbital phase variations of
the emission-line fluxes.
