I only have volume one but I will put up what I know about it so far, just so you have a vauge idea of what I am talking about.
The Lost Tales volume 1 focuses one Eriol the Mariner who comes to an Island called Tol Eressea where the gnomes live in the Cottage of lost play.
Eriol is welcomed to the cottage and meets its lord Lindo. During his time there he is told of the making of the world, the Valar themselves, the chaining of Melkor (whom is named Melko), the coming of Noldor and the flight of the Noldoli who are the gnomes.
In this we find out the names of the Halls of Mandos. Ve where elves go and wait for the time that Mandos will allow them to be born again into their children, if he so wishes to do so. Fui is the hall where men go and Fui either sends them on to the ship which leads them to whatever place they go after death, or she keeps them in her hall or send them to Melkor depening on the manor of which their life has been led.
We learn of Makar who is of the Valar, he was currupted by Melkor but of his fate I know nought for I have not gotten that far.
The Lost Tale were apparently started after the Hobbit and took seven years out of J.R.R. Tolkiens life but were never finished. Not only J.R.R wrote in this but his wife wrote a bit as well.
I have both volumes. I believe the second Volume has the complete story of the Fall of Gondolin. However, Tolkien never had the chance to go back and edit it, so it was not included in the Silmarillion (In Lost Tales version, Dragons were machines, not actual creatures). Despite this, and the old english style vocabulary, its a fairly interesting tale.
Tiger-When you say Makar was of the Valar, does that mean he himself was a Vala, or just a Maia, who served the Valar?
Love is a very powerful force, especially when its formed into a coherent beam of death.