Catenoid-shaped smectic films are spanned between two coaxial circular
frames separated by a distance H. It is shown that there exists a cri
tical height H such that below it two shapes of the catenoid are poss
ible. The stability of these two shapes is analysed in terms of their
vibrations. The spectrum of eigenfrequencies is calculated as a functi
on of the catenoid height. It is shown that the frequency of the funda
mental mode is real for the stable shape and imaginary for the other s
hape. Experimental study of vibrational eigenmodes performed on stable
SCE4 films confirms this theoretical prediction.