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You need a screw jack. Even though the slot is wallowed out, a screw jack wont let a bit come up out of the groove as its turned. You can make one using wood, and allthread as a clamp, and a 1/4" bit extension to go between the jack and the screw. Use a 1/4 inch wrench, or ratchet wrench to turn it, and it will come out.
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