Chop the rusty part of the protruding threaded part of the bolt flush with the hub using a hacksaw or angle grinder with a thin disc to prevent the rusted thread picking up on the hub threads, then wind it out.
As it is moving along it's entire length, as opposed to the usual where the bolt shears at the wasted point where it is exposed within the slot, and the threaded part is seized into the hub, it will come out.
You've done the hard part in getting it moving already, the rest is a cinch
Brian
