Not yet reviewed by Pith; the record is open.

In an effort to understand the Penrose inequality for black holes with angular momentum, an axisymmetric, vacuum, asymptotically Euclidean initial data set subject to certain quasi-stationary conditions is considered for a case study. A new geometric definition of angular velocity of a rotating black hole is defined in terms of the momentum constraint, without any reference to a stationary Killing vector field. The momentum constraint is then shown to be equivalent to the dynamics of a two-dimensional steady compressible fluid flow governed by a quasi-conformal mapping. In terms of spinors, a generalised first law for rotating black holes (possibly with multi-connected horizon located along the symmetry axis) is then proven and may be regarded as a Penrose-type inequality for black holes with angular momentum.