  In previous work we found that many of the spectral properties of low mass
x-ray binaries, including galactic black hole candidates could be explained by
a magnetic propeller model that requires an intrinsically magnetized central
object. Here we describe how the Einstein field equations of General Relativity
and equipartition magnetic fields permit the existence of highly red shifted,
extremely long lived, collapsing, radiating objects. We examine the properties
of these collapsed objects and discuss characteristics that might lead to their
confirmation as the source of black hole candidate phenomena.
