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You got me. Let me see if I can wrangle us up a little help
Hi Jan. I don't have a CT-12. As luck would have it, I have 2 of the CT-13's which are very similar. Both of the "Wheel" on them. I would say that this was made in the early 90's when Colt still was still producing knives in the USA. I'll continue to ck on what I might come up with so hopefully we can come up with some info on it.
I'm sorry .. it does indeed sound like your CT12 is defective. Whatever method that was initially used to "secure" the wheel that is attached to the blade has "stripped".
Maybe .???. Colt could offer some help.
My first inquiry of Colt would be who manufactured this one for them, jut my opinion. I feel D ale is on the right track, find the manufacture and ask for help, I am sure it is something they have encountered before