Since angular momentum caused by the collapse of the black hole causes the spin, if the spin is finite, the collapse must also be finite (I.e. - it cannot collapse into a singularity). But how far can it collapse and how fast can it spin? If the spin were fast enough that centripetal force overcame gravity, it would shed mass until spin and gravity were in balance.Do you have a reference? I've not heard of that being observed; the simple answer would be no, not as far as we know; we know it's maximum speed, and all those BHs seems stable.