Soft-excess in ULX spectra: the chilled-disk scenario
  Soft X-ray spectra of ULXs show small deviations from a power-law model, that can be attributed to reprocessing in a fast, ionized outflow, or to thermal emission from a cool disk. If it is thermal emission, the cool peak temperature can be explained by an inner disk that radiates only a small fraction of the gravitational power, transferring the rest to an upscattering medium which is then responsible for the dominant power-law component. This scenario does not require intermediate-mass black holes: we use a phenomenological model to show that the observed X-ray luminosities and spectra of ULXs are consistent with typical masses ~ 50-100 Msun. 
Roberto Soria (CfA/MSSL), Anabela Goncalves (Paris-Meudon/Lisboa),   Zdenka Kuncic (Sydney Uni)