The Foaming Three-Charge Black Hole
  We find a very large set of smooth horizonless geometries that have the same charges and angular momenta as the five-dimensional, maximally-spinning, three-charge, BPS black hole (J^2 = Q^3). Our solutions are constructed using a four-dimensional Gibbons-Hawking base space that has a very large number of two-cycles. The entropy of our solutions is proportional to Q^(1/2). In the same class of solutions we also find microstates corresponding to zero-entropy black rings, and these are related to the microstates of the black hole by continuous deformations. 
Iosif Bena, Chih-Wei Wang and Nicholas P. Warner