As we get close in time to the formation of an event horizon, then in the vicinity of the location where that event horizon will form in the future, time dilation becomes very large. The formation of the event horizon must depend on continued entry of material from beyond the radius where the event horizon will form, otherwise it would have already formed. A tiny differential instant before it forms time dilation approaches infinity.

Of course in the proper time of an observer at that location, there is no time dilation and the black hole forms. But has anyone considered that in the reference frame of a more distant observer in the normal universe there may be no event horizon ever really existing in that observer's reference frame?

9/26/2014 I extended this question to include radial effects.  For example, if one plots the radius in Schwarzschild coordinates, which I call Rs, vs the radius in distant observer coordinates (plain R) using units where c=G=1 and assuming M=1, the Schwarzschild coordinate radius declines less slowly than the distant observer coordinate radius, and past a value of three rises.  At 2 it rises to infinity.  In other words, not only is time slowed down, but the in falling object has further to to, and eventually infinitely further.

The above is all within standard GR.  One contributor suggested arbitrarily setting R=0 at the event horizon and that nothing was within.  That has an interesting relation to the (1+φ/c2) potential which can be derived using equivalence and the Newtonian φ=GM/r.  When this is converted into Schwarzschild-like coordinates (defining Rs=C/2π) we get 1/(1-φ/c2) and further Rs = R ( 1 + GM/rc2 ) indicating that the zero origin of the observer coordinate R is in fact at the event horizon (for this non-standard case) and so there is no "real" space past the event horizon.  It appears in observer coordinate space as a point.

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