A microscopic accounting of the entropy of a generic 5D supersymmetric
rotating black hole, arising from wrapped M2-branes in Calabi-Yau compactified
M-theory, is an outstanding unsolved problem. In this paper we consider an
expansion around the zero-entropy, zero-temperature, maximally rotating ground
state for which the angular momentum J_L and graviphoton charge Q are related
by J_L^2=Q^3. At J_L=0 the near horizon geometry is AdS_2 x S^3. As J_L^2 goes
to Q^3 it becomes a singular quotient of AdS_3 x S^2: more precisely, a
quotient of the near horizon geometry of an M5 wrapped on a 4-cycle whose
self-intersection is the 2-cycle associated to the wrapped-M2 black hole. The
singularity of the AdS_3 quotient is identified as the usual one associated to
the zero-temperature limit, suggesting that the (0,4) wrapped-M5 CFT is dual
near maximality to the wrapped-M2 black hole. As evidence for this, the
microscopic (0,4) CFT entropy and the macroscopic rotating black hole entropy
are found to agree to leading order away from maximality.Comment: 10 pages, no figure