Yeah, get medieval on its a$$!
Really, what happens is the bolt seizes to the "collar" which seizes to the bushings and it ain't goin nowhere. (Get a parts diagram) Take your shocks off and see if the swingarm goes up and down freely (as free as you would think a suspension component should be) or not. I'll bet its really stiff. You shold be able to raise it and let go it should fall quickly from its own weight. (Kinda hold onto it in case I'm wrong)
This is common with our bikes and if you've been riding it like that, new parts in the pivot area will feel wonderful.
PS: Also the bolt may be seized to the frame.