Updated the FAQ

[douglas]

No. The black hole will be created in the system the ship moves into, just as you would expect. The star it is moving from, that it was at when you gave the order, will simply disappear with no side effects. You can't save the ship, but this does theoretically allow relocating stars in your own space without blowing up everything in your inhabited system first.

Edit: A star is only necessary to issue the order. No star is needed anywhere in the target system at all.

Edit2: I just tested it, you can even create a black hole in a nebula.

Edit3: Strange as it seems, you can even create a black hole in a black hole system. Doing this won't change the target system at all, but will destroy every ship and unit in the system. The star used to issue the order will still be deleted.