You have an aluminum frame right? then it's a Rivnut. wait till,
you can get to the bike shop.
they can remove the rivnut,
and install another, next time grease all the small bolt threads.
If it is an aluminum bolt ,
perhaps, a little hole drilled will let you screw it in further..
Till it falls inside. then take it out thru removing the BB ..
Last edited by fietsbob; 10-20-10 at 10:26 PM.