  The gravitational collapse and the birth of a new universe are considered in
terms of quantum mechanics. Transitions from annihilation of matter to
deflation in the collapse and from inflation to creation of matter in the birth
of a universe are considered. The creation of a new universe takes place in
another space-time since beyond the event horizon the time coordinate is
inextensible for an external observer. A reasonable probability of this
creation is obtainable only for miniholes. The major part of the mass of such
collapsing compact objects as stars, quasars and active nuclei of galaxies
remains confined in the potential well near the vacuum state.
