Say you have an inhibitor who's binding is either dependent on or enhanced by a metal cation binding to either an allosteric site, or by forming part of the binding site of the inhibitor. So as you increase cation, IC50 drops in a hyperbolic manner until plateauing when the enzyme is saturated with cation. GraphPad claims the inflection point of this IC50 (or could get Ki via Cheng prusoff equation) vs. Mg curve is the Kd of the modulator, but I've been told by someone this is not an appropriate way to determine binding constants of the modulator.