How does this crimper work?

I have this AMP brand crimping tool that I got at a yard sale for peanuts. However, it is stuck closed with a small terminal still in place. And I mean stuck like it's been welded together. I've tried prying it apart, putting it in a vice with a cheater pipe on the other handle, squeezing the handles together in a vise. I'm stumped. How does this thing release? I have another crimper that is on a ratchet mechanism but that doesn't seem to be the case here.

I thought about cutting off what's left of the terminal and seeing if I can punch out the remains through the jaws. Maybe that would free it up.

Any help to be had so I can use this thing?