  MAXI J1659-152 is a bright X-ray transient black-hole candidate binary system
discovered in September 2010. We report here on MAXI, RXTE, Swift, and
XMM-Newton observations during its 2010/2011 outburst. We find that during the
first one and a half week of the outburst the X-ray light curves display drops
in intensity at regular intervals, which we interpret as absorption dips. About
three weeks into the outbursts, again drops in intensity are seen. These dips
have, however, a spectral behaviour opposite to that of the absorption dips,
and are related to fast spectral state changes (hence referred to as transition
dips). The absorption dips recur with a period of 2.414+/-0.005 hrs, which we
interpret as the orbital period of the system. This implies that MAXI J1659-152
is the shortest period black-hole candidate binary known to date. The
inclination of the accretion disk with respect to the line of sight is
estimated to be 65-80 degrees. We propose the companion to the black-hole
candidate to be close to an M5 dwarf star, with a mass and radius of about
0.15-0.25 M_sun and 0.2-0.25 R_sun, respectively. We derive that the companion
had an initial mass of about 1.5 M_sun, which evolved to its current mass in
about 5-6 billion years. The system is rather compact (orbital separation of
larger than ~1.33 R_sun), and is located at a distance of 8.6+/-3.7 kpc, with a
height above the Galactic plane of 2.4+/-1.0 kpc. The characteristics of short
orbital period and high Galactic scale height are shared with two other
transient black-hole candidate X-ray binaries, i.e., XTE J1118+480 and Swift
J1735.5-0127. We suggest that all three are kicked out of the Galactic plane
into the halo, rather than being formed in a globular cluster.
