Recent analyses of multifragmentation in terms of Fisher’s model and the related construction of a phase diagram brings forth the problem of the true existence of the vapor phase and the meaning of its associated pressure. Our analysis shows that a thermal emission picture is equivalent to a Fisher‐like equilibrium description which avoids the problem of the vapor and explains the recently observed Boltzmann‐like distribution of the emission times. In this picture a simple Fermi gas thermometric relation is naturally justified. Low energy compound nucleus emission of intermediate mass fragments is shown to scale according to Fisher’s formula and can be simultaneously fit with the much higher energy ISiS multifragmentation data. © 2003 American Institute of Physics