Band theory predicts both K3C60 and K4C60 to be metals; various experi
mental probes show that while K3C60 is indeed metallic, K4C60 appears
to be insulating. The standard view of this apparent failure of the si
ngle-particle picture is that electron correlation is predominant. We
describe an alternative scenario, motivated on theoretical grounds, wh
ich invokes a spin- or charge-density-wave state to explain the observ
ed insulating behavior.