Capn'
[Assuming that it's the locking device that you are trying to remove … Now confirmed]
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I agree with Ian; it should just slide out [and, to do its job properly, it all needs to move quite freely].
The outer cotter is usually bored clearance, and the inner one carries the male thread … when the nut is tightened, the whole assembly floats into alignment on the quill.
I would suggest more penetrating oil [personal preference being PlusGas Formula A] …. Whilst you are waiting for that to work; make a little 'slide hammer' to fit in place of the existing nut. … something about 250mm long, with a suitable lump sliding on it should do the trick.
MichaelG.
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Edit: Here is a nice sketch of something with the right proprtions.
Edited By Michael Gilligan on 07/08/2015 07:48:42
Edited By Michael Gilligan on 07/08/2015 07:55:46