  When we vary the moduli of a compactification it may become entropically
favourable at some point for a state of branes and strings to rearrange itself
into a new configuration. We observe that for the elementary string with two
large charges such a rearrangement happens at the `correspondence point' where
the string becomes a black hole. For smaller couplings it is entropically
favourable for the excitations to be vibrations of the string, while for larger
couplings the favoured excitations are pairs of solitonic 5-branes attached to
the string; this helps resolve some recently noted difficulties with matching
emission properties of the string to emission properties of the black hole. We
also examine the change of state when a black hole is placed in a spacetime
with an additional compact direction, and the size of this direction is varied.
These studies suggest a mechanism that might help resolve the information
paradox.
