New Skil 5400 blade bolt will not loosen

[Josh]

Hi all.

My New Skil 5400 circular saw blade release bolt will not loosen. I am attempting to install the blade for the first time. The manual states that if the shaft spins, strike the bolt counterclockwise in order to release.

No dice. Tried vice grips and Channel Locks to secure the shaft from
spinning...

Any other advice? I picked the saw up last year and it's been in the box since then...( good deals are hard to pass up )
any suggestions?

Thanks
Josh

[prellstan]

Have you tried spraying it with penetrating oil and letting it soak in for an hour or so?