  The ultraluminous compact X-ray sources (ULXs) generally show a curving
spectrum in the 0.7--10 keV ASCA bandpass, which looks like a high temperature
analogue of the disk dominated high/soft state spectra seen in Galactic black
hole binaries (BHBs) at high mass accretion rates. Several ULXs have been seen
to vary, and to make a transition at their lowest luminosity to a spectrum
which looks more like a power law. These have been previously interpreted as
the analogue of the power law dominated low/hard state in Galactic BHBs.
However, the ULX luminosity at which the transition occurs must be at least
10--50 per cent of the Eddington limit assuming that their highest luminosity
phase corresponds to the Eddington limit, while for the Galactic BHBs the
high/soft--low/hard transition occurs at a few per cent of the Eddington limit.
Here we show that the apparently power law spectrum in a ULX in IC342 can be
equally well fit over the ASCA bandpass by a strongly Comptonised optically
thick accretion disk with the maximum temperature of ~1 keV. Recent work on the
Galactic BHBs has increasingly shown that such components are common at high
mass accretion rates, and that this often characterises the very high (or
anomalous) state. Thus we propose that the power law type ULX spectra are not
to be identified with the low/hard state, but rather represent the
Comptonisation dominated very high/anomalous state in the Galactic BHBs.
