  Levesque introduced a notion of ``only knowing'', with the goal of capturing
certain types of nonmonotonic reasoning. Levesque's logic dealt with only the
case of a single agent. Recently, both Halpern and Lakemeyer independently
attempted to extend Levesque's logic to the multi-agent case. Although there
are a number of similarities in their approaches, there are some significant
differences. In this paper, we reexamine the notion of only knowing, going back
to first principles. In the process, we simplify Levesque's completeness proof,
and point out some problems with the earlier definitions. This leads us to
reconsider what the properties of only knowing ought to be. We provide an axiom
system that captures our desiderata, and show that it has a semantics that
corresponds to it. The axiom system has an added feature of interest: it
includes a modal operator for satisfiability, and thus provides a complete
axiomatization for satisfiability in the logic K45.
