Well, if the wedge idea didnt work, it would seem to me what you now have is an expensive paperweight. This is why I no longer lend out tools. I learned a very expensive lesson loaning my subcompact tractor to a "friend".Yes I wasn't thinking when I posted that last idea. The saga continued today. I drove a tapered nail set into the locking hole with a 3 lb hammer. I succeeded in breaking two nail sets plus now have the broken tip of a nail set stuck in the hole. I measured the threads and it looks like a 16x1.5 mm thread. I will search for a nut online.
No matter what I will need to be able to hold the shaft through the locking hole so may try to drill that through and through tomorrow. Hopefully the bit is not a solid carbide.