http://www.theverge.com/2014/1/25/53445 ... lack-holes
Earlier in his days, if I remember correctly, he proposed matter CAN be destroyed. I guess all of his hypothesis seemed to work out mathematically, except it challenged well-known physics. This was controversial, as the Law of Thermodynamics states otherwise. He was later proven to be wrong, but I can't remember which scientist spent years on that.
Anyways, he later proposed (again, if I remember correctly) that he wasn't entirely wrong. He was wrong about matter being destroyed, but he was attempting to come up with a revised hypothesis, or possibly a new one that allowed for matter to not be destroyed, but simply exist some where else.
I believe this has to do with him subscribing to the "many worlds" interpretation in quantum physics. I believe he stated that in this interpretation, matter is obviously not destroyed, just located in a different place.
I believe he's not saying they don't entirely exist, but the classical definition of a "black hole" should be redefined. Black holes were thought to suck in all matter and never let it escape.
People should feel free to correct me, as I may have written a few errors. It's been a while since I've read anything about Stephen. Call me lazy, but I don't feel like researching this further at the moment, as their are far more intelligent people here who could elaborate on this.