Keyhole shaped hole in belt loop of Pendleton Lite?

I haven't seen the backside of the new plastic sheath either, but I'd say Adam is probably correct. It sounds like a button hanger, like what you see on some of the Mora sheaths.

edit: I couldn't find any pics of the CS sheath, but here's a Mora. Does it look like this?

iu
 
Yes- very much like that.
It dates to when men's trousers had suspender buttons sewn sewn to the outside of the waistband. You would have as many as six positions you could wear your knife around your waist. Most opted for the front hip, of course.

Zieg
 
What's old becomes new again if you wait long enough. I have seen the hardware bits at the leathercraft store to make belt keepers with posts from which you can hang keyhole hardware. Some of them even a gate for securing the button to prevent loss. But I can't help looking at that plastic sheath and thinking that you should hang it off Tactical Suspenders.
 
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