I am not familiar with that knife but it sounds like the back side of the bolt is spinning in place. You can try a couple things to get it out. Close the knife and push the blade to one side and wedge a piece of paper in between the blade and scale. This extra tension may let you back the screw all the way out. Althernatively, you can open the blade and put lateral pressure on the blade to also cant the pivot hole and cause extra tension but obviously with an open blade it is a little more dangerous so you might want to tape the blade. You can also look at the knife and find the part that is spinning and try to stick something small like a toothpick in between what is spinning and the edge of the cutout (assuming this part doesn't have a slot for some type of fastener so you can put a tool on both sides). This might also allow you to back the screw out. Once you get the screw out I would use some thread locker so that you can adjust the pivot to that sweet spot and not worry about the screw moving. I suggest plumbers teflon tape as you don't have to wait for it to dry and you can make minor adjustments without breaking the bond and having to reapply something like loc tite. You want to put the teflon tape just on the threads so none extends past the end of the screw. You also want to put a couple turns so that it will make a tight bond but not be so bulky as to not screw in.
Now you will need to screw it in and you can try to techniques used to get the bolt out. A toothpick wedged next to the spinning part might be your best bet, at least to start with. This is also just speculation on the design of your knife and may not work like I think it will. But either way its good to get some thread locker on the pivot screw so that you can fine tune the pivot to find the sweet spot of easy opening and no blade play. Good luck.