Matrix Theory Description of Schwarzschild Black Holes in the Regime N   >> S
  We study the description of Schwarzschild black holes, of entropy S, within matrix theory in the regime $N \ge S \gg 1$. We obtain the most general matrix theory equation of state by requiring that black holes admit a description within this theory. It has a recognisable form in various cases. In some cases a D dimensional black hole can plausibly be thought of as a $\tilde{D} = D + 1$ dimensional black hole, described by another auxiliary matrix theory, but in its $\tilde{N} \sim S$ regime. We find what appears to be a matrix theory generalisation to higher dynamical branes of the normalisation of dynamical string tension, seen in other contexts. We discuss a further possible generalisation of the matrix theory equation of state. In a special case, it is governed by $N^3$ dynamical degrees of freedom. 
S. Kalyana Rama