Determine the origin and consistency of the additional energy bands
Determine whether the nonperturbative additional energy bands in the spectrum of the fixed-$\rho_b$ theory correspond to actual physical states, and if so identify the bulk geometries that describe those states.
References
It is an interesting question what these potential new states correspond to in the bulk. Since their energy differs from that of black holes by an amount that goes like $1/g2$, they must correspond to new geometries. It would be nice to determine if these states are really there, and if so to identify them.
The spectrum we found in that case exhibits hints of discretization of spacetime. This raises a number of questions, like if the spacetime is indeed discrete, what happens to energy and momentum conservation, what features of the boundary conditions are responsible for the discrete structure we observe, and how common is the appearance of this discrete structure in the space of $F(\Phi_b)$.