In quantum information it occasionally happens that one ends up with a completely positive but not yet trace-preserving map $\Psi$ which one wants to make trace preserving somehow; this often comes up in corresponding numerical considerations. A simple and well-known way of turning such maps into trace-preserving ones is to "skew" the input using the value of the adjoint map $\Psi^\dagger$ applied to the identity, i.e. $$ \tilde\Psi:=\Psi((\Psi^\dagger ({\bf1}))^{-1/2}(\cdot)(\Psi^\dagger ({\bf1}))^{-1/2}) \tag1 $$ is (still completely positive and) readily verified to be trace preserving, hence a channel. When doing numerics this is all one needs because $\Psi^\dagger({\bf1})$ is generically invertible so (1) always works. However, in other situations it may happen that the operator $\Psi^\dagger({\bf1})$ has non-trivial kernel in which case (1) is of course ill defined. The most obvious idea to fix this would be to replace the main operator $(\Psi^\dagger ({\bf1}))^{-1}$ (resp. its square root) by its Moore-Penrose inverse $(\Psi^\dagger ({\bf1}))^+$; however it is not clear whether the resulting map (1) is still trace preserving in this case.
But this procedure may be too restrictive altogether. Thus, given $\Psi$ completely positive one may ask whether there always exist completely positive maps $\Phi_1,\Phi_2$ with completely positive inverse (as we do not want to lose any information on $\Psi$, i.e. whatever we do to make $\Psi$ trace preserving we want to be able to undo in a "physical" manner) such that $\Phi_1\circ\Psi\circ\Phi_2$ is trace preserving? Recalling that a CP map has CP inverse only if its Kraus rank is 1 this is equivalent to the following
Question. Given $\Psi$ completely positive do there always exist $K_1,K_2$ such that $$\tilde\Psi:=K_2\Psi(K_1^\dagger(\cdot)K_1)K_2^\dagger$$ is also trace preserving?
(This is a Q&A style question meant as a contribution to the list of counterexamples in quantum information)