At hole concentrations below x=0.4, Ba1−xKxBiO3 is non-metallic. At x = 0, pure BaBiO3 is a Peierls insulator. Very dilute holes create bipolaronic point defects in the Peierls order parameter. Here we find that the Rice-Sneddon version of Peierls theory predicts that more concentrated holes should form stacking faults (two-dimensional topological defects, called slices) in the Peierls order parameter. However, the long-range Coulomb interaction, left out of the RiceSneddon model, destabilizes slices in favor of point bipolarons at low concentrations, leaving a window near 30% doping where the sliced state is marginally stable.71.45. Lr, 71.38.Mx, 71.30.+h