I just stumbled across this. In classic logic, the negation of a valid formula is unsatisfiable and vice versa. Given the usual Kripke semantics definitions of modal logic K (see below), this law seems only to hold in the former direction. But I failed to construct a counterexample for the opposite direction. So do you know a modal formula that is unsatisfiable in K and whose negation is not valid?
Some definitions: A K-model is a structure $M = (W,R,I)$ consisting of a non-empty graph of "worlds" $(W,R)$ and a family $I$ of valuations, providing a pc-valuation for each world $w \in W$. For a modal formula $H$, let $(M,w) \models H $ be defined as usual in K and let $M \models H$ iff $(M,w)\models H$ holds for all worlds $w\in W$. Based on this I call $H$ valid iff $M \models H$ holds for each K-structure $M$ and I call $H$ unsatisfiable iff $M\not\models H$ holds for each K-structure.