It aint easy or fun - what I have done in the past is use some hard stainless tubing with an ID that is just a little smaller than the threads of the bolt (~ same size as shank), cut teeth in one end like a hole saw but reverse from normal (cut em CCW). Drill down over the broken stub - it will eventually catch the lag and back it out - you have to really press the drill in to make it catch. PM me if you need a bit of SS tubing - I have 1/4, 3/8, and 1/2 OD w .040 wall thickness. When you are done, the hole is bigger by a bunch and then you can have more fun...
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