On the Penrose Inequality for general horizons
  For asymptotically flat initial data of Einstein's equations satisfying an energy condition, we show that the Penrose inequality holds between the ADM mass and the area of an outermost apparent horizon, if the data are restricted suitably. We prove this by generalizing Geroch's proof of monotonicity of the Hawking mass under a smooth inverse mean curvature flow, for data with non-negative Ricci scalar. Unlike Geroch we need not confine ourselves to minimal surfaces as horizons. Modulo smoothness issues we also show that our restrictions on the data can locally be fulfilled by a suitable choice of the initial surface in a given spacetime. 
Edward Malec, Marc Mars, Walter Simon