Black holes surrounded by a disk or torus may drive the enigmatic cosmologi
cal gamma-ray bursts (GRBs). Equivalence in poloidal topology to pulsar mag
netospheres shows a high incidence of the black hole luminosity L-H into th
e surrounding magnetized matter. We argue that this emission is reradiated
into gravitational waves at L-GW similar or equal to L-H/2 in frequencies o
n the order of 1 kHz, winds, and, potentially, MeV neutrinos. The total ene
rgy budget and input to the GRB from baryon-poor jets are expected to be st
andard in this scenario, consistent with recent analysis of afterglow data.
Collimation of these outflows by baryon-rich disk or torus winds may accou
nt for the observed spread in opening angles up to about 35 degrees. This m
odel may be tested by future LIGO/VIRGO observations.