My Palatino has two knurled end-pin adjusters about 6.25 inches apart holding the pole, which is 3/4" in diameter. If yours is the same, then you need to loosen both of them to adjust the length, but you probably already know that. If it is truly over-tightened, well, I just checked, and a large vise-grip plier can be adjust wide enough to grip the knurl and provide leverage to turn... If the teeth munch up the adjuster too much, then you can use a file to smooth it out.
If you STILL cannot loosen it, the two adjusters attach to my bass, (and probably yours as well) via a plate with four Phillips head screws... They can be removed from the bass and taken to a shop or someplace to have them worked on.
Hope this helps,
-robert