Cutting tool including a cutting insert retaining and adjusting mechanism

A cutting tool comprising:

• a cutting tool body including at least one recess adapted for mounting a removable cutting insert therein, the recess including two locating surfaces positioned at an acute angle relative to each other;
• and
• a cutting insert retaining and adjusting mechanism associated with the recess and including,
• a nest slidably mounted in the recess, the nest including a single cutting insert pocket, wherein the nest further includes a side wall and a bottom wall positioned at an acute angle relative to each other and that engage and slidably move along the two locating surfaces of the recess when the nest is slidably mounted in the recess, wherein only the side wall and the bottom wall of the nest contact the recess of the cutting tool body,
• a first wedge adapted to selectively exert pressure on the nest and retain the nest in a desired position in the recess,
• a second wedge adapted to selectively exert pressure on a cutting insert positioned in the cutting insert pocket and retain the cutting insert in a desired position, and
• an adjustment screw having a first threaded portion and a second threaded portion, the first threaded portion threadedly disposed in a threaded bore in the cutting tool body, the second threaded portion threadedly disposed in a threaded bore in the nest, wherein the first threaded portion has the same handedness but a different thread pitch as the second threaded portion, wherein rotation of the adjustment screw axially slidably linearly advances and retracts the nest in the recess, and wherein the adjustment screw only threadedly engages the cutting tool body and the nest.