Near the end of 2001 February, the black hole candidate (BHC) GRS 1758-258
made an abrupt transition from a standard hard (low) state to a soft state.
Unlike Cygnus X-1 and other BHCs, whose luminosity increases during this t
ransition, GRS 1758-258 was dimmer after the transition. We present observa
tions with the Proportional Counter Array on the Rossi X-Ray Timing Explore
r and interpret the phenomenon in the context of a "dynamical" soft-state m
odel. Using this model, we predicted that mass transfer from the companion
had ceased and that the luminosity should decay on a timescale of a few wee
ks. The most recent data support this prediction, being consistent with a d
ecay time of 28 days. The current state is consistent with the "off" state
of GRS 1758-258 reported by SIGMA/Granat in 1991-1992.