  Black holes surrounded by a disk or torus may drive the enigmatic
cosmological gamma-ray bursts (GRBs). Equivalence in poloidal topology to
pulsar magnetospheres shows a high incidence of the black hole-luminosity $L_H$
into the surrounding magnetized matter. We argue that this emission is
re-radiated into gravitational waves at $L_{GW}\simeq L_H/3$ in frequencies of
order 1kHz, winds and, potentially, MeV neutrinos. The total energy budget and
input to the GRB from baryon poor jets are expected to be standard in this
scenario, consistent with recent analysis of afterglow data. Collimation of
these outflows by baryon rich disk or torus winds may account for the observed
spread in opening angles up to about $35^o$. This model may be tested by future
LIGO/VIRGO observations.
