Model of black hole evolution
  From the postulate that a black hole can be replaced by a boundary on the apparent horizon with suitable boundary conditions, an unconventional scenario for the evolution emerges. Only an insignificant fraction of energy of order $(mG)^{-1}$ is radiated out. The outgoing wave carries a very small part of the quantum mechanical information of the collapsed body, the bulk of the information remaining in the final stable black hole geometry. 
J.G. Russo