Motivated by recent work we study rotating ellipsoidal membranes in the fra
mework of the light-cone supermembrane theory. We investigate stability pro
perties of these classical solutions which are important for the quantizati
on of super membranes. We find the stability modes for all sectors of small
multipole deformations. We exhibit an isomorphism of the linearized membra
ne equation with those of the SU(N) matrix model for every value of N. The
boundaries of the linearized stability region are at a finite distance and
they appear for finite size perturbations.