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Double-threaded posts like that used to be common for accounting and bookkeeping binders. So they could be removed, extenders added as the binder needed to be thicker, etc.

But as Mark said. And, wtf do you do is that seizes up? Try to grab both ends with two sets of serrated plier jaws?

Nice concept, but I think I'd stick to seizing wire, or rings, and a bit of rigging tape over it.
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