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darktolight,
As the "pinch" bolt is supposed to be tourqed down "after" tightening the axle bolts, I believe its purpose is to insure the axel doesn't spin after installing the axel bolts. I "accidentally" rode my bike with the pinch bolt loose testing my new fork spring installation and didn't notice any ill effects. However, the bolt is there for a reason so I would get it replaced asap.
Ric
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