We present the first microscopic calculation of the spectator fragmentationobserved in heavy ion reactions at relativistic energies which reproduces theslope of the kinetic energy spectra of the fragments as well as theirmultiplicity, both measured by the ALADIN collaboration. In the past both havebeen explained in thermal models, however with vastly different assumptionsabout the excitation energy and the density of the system. We show that bothobservables are dominated by dynamical processes and that the system does notpass a state of thermal equilibrium. These findings question the recentconjecture that in these collisions a phase transition of first order, similarto that between water and vapor, can be observed.