One of the things outlined in the factory Kawasaki service procedures is to retorque the engine mounting studs at every service interval. not many dealer service persons actually did any of that stuff during a service interval inspection.
That said, if the studs got loose over the years, the stud can get auger'd away at one or more of the engine mount bosses on the frame, forming a groove in the stud that would recess itself into the mount boss plate hole, and would spin, but not travel sideways (out).
I'd pull the rest of the studs out, and see if you can't manipulate the stud out of the thing.
You mentioned that it looked like that one stud was possibly a two piece part. That wouldn't be stock, and after the years of service these bikes have, could it be that, in fact, there are two studs, with a coupler between them, made by someone eons ago??? Look closely, it might be like that.
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