Thanks for all the input. I knew I came to the right spot for answers.
The sheath was made by Byrd, and stamped with RMK to deceive?
Since the guesses have stopped, I take it the last post is the consensus opinion? If I understand correctly, reading these posts and the revived "Randall Phony Alert" thread, something about my "26" knife (shape, size, grind, finish) gives clues to the trained eye, that this is 1 of 20 or so knives made from blanks stolen from RMK, and finished off outside the shop by the someone else, (maybe the thief), 10 years ago. A person with skills, equipment, factory training, and other Randall materials to convincingly mimic factory work, by shaping the blade and handle, assembling and finishing the knife, but also altering the knife to a degree that makes it unique.
The logo stamp appears correct, so he must have gotten the blank after that stage, before assembly. A very rare knife indeed, but not a true factory RMK, if true.
On the other hand, comparing it to another small factory RMK, a 4-4, it shows many similarities, and does not look like crap. Like the way the hilt is fitted to the blade and soldered in place. The hilt on the "26" is larger, but I note on photos of Dave Griffin drop points, different size hilts are seen on small knives, so Randall did do this. The spacers and thong installation seem comparable to other Randalls. The handle seems similar to other teardrop Randalls. Looks like it could dance with the 25-5.
Who ever finished this knife was talented- it's better than other handmade knives I've paid more for. Makes sense he might have been an ex employee. Or a real employee, done on the factory line. Don't know which story I wish were true. I should name this knife Occam's Razor. (see photos for examples)

I resized your pics.

Actually, it does make for a pretty cool story. Interesting piece of Randall lore. Maybe buying that knife was not such a bad thing after all.

Sure, as long as your OK with NO warranty and a "polex" instead of a Rolex...

"it shows many similarities, and does not look like crap"

Directly compared to a RMK shop produced model 26...YES, it does

Okay, okay, I get it. Just trying to make a little lemonade from the lemons (or chicken salad front the chicken xxxx). Besides, most of my Randalls have no warranty since I'm not the original owner. And, I still think it's is an interesting bit of Randall lore even if it does have a shady side. A Thumbless Joe Bagadonuts Special. ;-)

It's not interesting at all to some folks...

It's a blatant slap in the face to the people who have spent the better part of their lives making ACTUAL Randall knives and taking pride in the amount of hard work, time , and skill they have actually put into building and maintaining a name.

"Interesting" and "Randall lore" do not even belong anywhere near this...

Sorry, didn't mean to offend anyone.

The warranty doesn't transfer?

No offense taken from u my friend, just the raspy voice dude...

I Have a question I have asked before but never gotten an answer. I bought a knife years back very inexpensive knew it was modified with almost a saw teeth no saw teeth grind on a model 23. The thing I found interesting was etched on the blade is owner modified. So the question is who etched it? If someone was trying to past it off as a rare they would not have done it. Would the shop have etched it if it went in for warranty work and told the owner it was not under warranty and would only send it back with the etching. Can anyone shed some light on the etching.

James A. Moscatelli