If there's a button on the back of the speaker that says "RESET" it's not a level adjuster.
Looks to me like the + input (top left screw) connects to that black plastic block at the top. From there a line goes to the big inductor at top right, probably direct from where the input hits the black block rather than on the other terminal. So this is the woofer inductor. On the other terminal of that block, a cap is connected, likely the tweeter cap which is on the other side of this protection switch. So the pic is consistent with a protection switch or breaker.
I would confirm this by drawing your own schematic (we can help you with that) or find one on the web for this model.
If I am correct, you can disconnect the capacitor lead from the protection switch terminal and connect it where the input and the woofer inductor are connected, on the other terminal of the switch. The speaker will operate exactly the same except the faulty protection switch is now out of the circuit.