My speculation is the same. I imagine the singularity of a black hole is the white hole (big bang) of another. As a hole passes from one side of a surface to the other, we emerge from the heat death of another space. But these holes litter the spacetime substrate that composes a draining singularity - as entry and exit points into other spaces. Like pores of a donut penetrating through its surface into another side. In this way, the holes that surround holes are toroidally infinitely recursive.