Abstract: The famous Korteweg- de Vries (KdV) equation admits important singular solutions, but only very special singularities are compatible  with the KdV dynamics. We show, that for the Schrodinger operators from the KdV Lax pair with such special singularities the spectral theory can be naturally formulated in terms of pseudo-Hilbert spaces with indefinite metrics. IN particular, the number of negative squares in this metric  provides a new conservation law for such solutions. The talk is based on joint works with S.P. Novikov.