On page 13 of the Oct. 3 slide show, the company states:
"Management directors and business partenrs control over 50 percent of the company.

That leaves 44 mm shares floating. Let's call it 43 million, since they are saying "over 50 percent" and since it makes the rest of my numbers easier to think about.

We have Reuters telling us that institutions own 13.4 mm shares of KXL as of now. That is pretty fresh information, and is up substantially, as I have just reported in a previous post.

Let us round that institutional holding down to 13 million shares, just to keep it even.

That leaves ~ 20 million shares out of 88 million outstanding.

I think you are missing a few million shares somewhere.

Revising the math:

management controls over 50% of 88 million - now call it 45 million controlled by management.

Institutions own 15 million. That leaves 88-(45+15)=28 million in public hands.