If you have what I think you have, that "bolt" will not come out until the distributor comes out. Really, it's just a stud with a "bite" taken out of it half way down its shank. That "bite" has the radius of the distributor shaft housing. When you tighten the nut, you jamb that cutout against the distributor to clamp it in place once the adjustment is made.
Since you have taken off the nut and still can't move the distributor, I'd say there is corrosion involved. Spray a little penetrating oil at the stud entrance into the block and around the base of the distributor where it enters the block. Now, take a plastic hammer and tap gently right on the end of that stud. This should free up the distributor. Don't try to pull the distributor out at first. Get it to rotate. Then gently lift and rotate. It could take a while if there is corrosion between the body and the bore in the block, but you'll get it. Once the distributor is out (note the position of the rotor and the relative position of the distributor body!!) (It's best to put the engine at TDC #1), you'll easily be able to withdraw the clamping stud. Clean everything, and use just a dab of anti-sieze when reassembling. Enjoy
Motorbill
From Lola to Land Rover, If it's British and has wheels, it's likely I've bloodied me knuckles thereupon