  We present a calculation of the $\gamma d \to K^+ K^- n p $ reaction with the
aim of seeing if the experimental peak observed in the $K^+ n$ invariant mass
around 1526 MeV, from where evidence for the existence of the $\Theta^+$ has
been claimed, can be obtained without this resonance as a consequence of the
particular dynamics of the process and the cuts applied in the experimental set
up. We find that a combination of facts leads indeed to a peak around 1530 MeV
for the invariant mass of $K^+ n$ without the need to invoke any new resonance
around this energy. This, together with statistical fluctuations that we prove
to be large with the statistics of the experiment, is likely to produce the
narrower peak observed there.
