Information or Knowledge?

At the recent Plymouth e-Learning conference Steve Coombs (Bath Spa University) gave a presentation on 'Critical Thinking Scaffolds' based the work done by Jonassen on Mindtools. Don't want to explore this now but one area that Steve touched upon was the ‘confusion between information and knowledge’. His position was that 'knowledge is constructed in the mind of the learner' - and that unlike information which is a tangible, knowledge is effectively a phenomena. I guess 'the learner' is effectively the seeker of new knowledge in this context?  I think this is a critical, and useful distinction between information and knowledge.  But if knowledge only exists in someone's head then is it actually possible to manage it? Probably not, but it is possible to tap into it and for the knowledgeable person to share it with other knowledgeable people.