In an attempt 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 a Beltrami equation for compressible fluid flow. 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.
Comment: 24 pages, 4 figures