The problem was according to the previous owner was not only wouldn't lock correctly but when it did lock, it would open up suddenly in his pocket. He said the final straw was when it opened up by mistake, it almost sliced his finger open.
AFter taking the handles off, I inspected it as thoroughly as I could to see how the mechanics were suppose to work. I noticed that when the bolster slid down, it wouldn't release the spring. So I opened it up a bit, cleaned it out (lots of grime and pocket dust) and filed the spring ever so slightly as to help it latch when closed but also release when moved. I also rounded the end of another screw that appeared to get in the way.
After putting it back together, I have tested it now over 50 times without it having a hitch. However, it will open up if jarred to heavily.
I just wanted to thank all you guys and this website. Without the information here, I might not have even tried to salvage this Chinese import. Now I'm even thinking of replacing the cheap plastic handles with wood and sell it at the next gun show for $25.00.
I advise you back out all of the screws and hit the threads with a bit of super glue or silicone and set them where you want them or it is going to fall apart anyway and all will be for not. I advise that on just about any asian knife that retails less than $75... A guy handed me a Kershaw assisted lil scallion or something in that garden variety which was missing a couple screws (or one 2 piece jobby ?) asking 'if I had any screws for it? I wanted to say something smart but I refrained. I gave him the same advise and he said ' But, but it's a Kershaw! PFFFTT! Does that name mean enough to counter my advise? Sorry Juniper Berries, but It's just the flavor of the week for you 
