A federal judge ruled Wednesday that Conrad Black cannot travel to Canada while he awaits sentencing on his convictions for obstruction of justice and fraud.

Judge Amy St. Eve said she is willing to reconsider her decision if Black could post more money for bail, but the former media baron's legal team said he doesn't have the funds.

The decision was made in a Chicago courtroom this afternoon where Black attended his second bail hearing.

Black was convicted on July 13 of three counts of fraud and one count of obstructing justice. His sentencing will take place Nov. 30.

"Have a very nice summer," was all Black would say to reporters after the ruling, before stepping into a white Cadillac SUV.

Black's lawyers did their best to convince the judge their client deserves to be allowed to travel to Canada, while prosecutors argued the former media baron is a flight risk because he misled the court in providing collateral for his $21 million bail -- also that he criticized the U.S. government's case during the trial. Prosecutors also maintained Black could avoid extradition once he is allowed outside the U.S.

St. Eve disagreed with that argument, saying "He's not a man to run and hide."

But St. Eve added said she wasn't convinced by defence lawyers that their client would not fight extradition from Canada, which would delay his sentencing.

St. Eve last month freed Black on $21-million in bail until his sentencing hearing on Nov. 30. But he was ordered to remain in the Chicago area or at his mansion in Palm Beach, Fla. until then.

Black's lawyers had asked the judge to allow him to be able to go to his posh home in Toronto's Bridle Path area.

Edward Greenspan, Black's Canadian lawyer, would not comment on the judge's ruling and refused to say whether they would appear before the judge again before Nov. 30. But he said: "We've been involved in this for a number of years and it's far from over."

When asked whether his client would be raising more money for bail, Greenspan replied Black has no control over his assets, most of which were frozen under a Canadian court order.

CTV's legal analyst Steven Skurka said Greenspan's silence spoke loudly. He said if there were a sense Black's defence team would be returning in the near future with a fresh application with more money to post for bond, "then we would have had a sense of that."

"(Greenspan) seemed almost resigned to the notion that because Black's assets are frozen, his client is going to remain in Chicago and Florida," Skurka told CTV Newsnet.

"Bear in mind, this isn't a surprise that the judge wanted to see more money posted. So certainly if Greenspan had the ability to do that, he would have done that today."

Former prosecutor Terry Sullivan, however, said he has no doubt Black would be back before the judge ahead of his sentencing.

"The judge completely left the door open," said Sullivan, who has been closely watching the proceedings in Chicago. "She didn't pay any attention to the supposedly hidden bank accounts somewhere, which were, I think, shown to be lies.

"She didn't seem to be too concerned about the affidavits for extradition. I think it was simply a question of whether or not there is enough money up independently for bail -- that if he doesn't come back, gets forfeited independently of whatever he may have to forfeit on the four convictions that he has."

The court was told earlier that Black has US$60 million in offshore accounts. This had surfaced in an affidavit filed by an investigator hired by Hollinger Inc. The affidavit, without providing details, said Black moved money through various countries across Europe, the Caribbean and elsewhere.

Greenspan condemned the investigator. "It's all fabrication and mythology," he told the court. He said Black had two accounts in the Channel Islands to cover expenses for his London house -- but neither held more than $20,000.

Black also filed an affidavit denying he had any other offshore accounts.

It's not known whether Black will face trouble at the Canadian border should he attempt to re-enter the country. But Prime Minister Stephen Harper said his government won't intervene.

Black was born in Montreal but gave up his Canadian citizenship in 2001 to accept a seat in the British House of Lords.

He has surrendered his British passport to the Chicago court.

The core of Black's fraud trial involved the payment of non-compete fees at Hollinger Inc., a publicly-traded company controlled and managed by Black, who held the title of CEO until 2003.

The obstruction charge relates to the unauthorized removal of files from the Toronto offices of Hollinger.

Black is fighting his convictions, and has hired prominent New York lawyer Andrew Frey.

Frey has argued more than 60 cases before the U.S. Supreme Court, 11 federal courts of appeal and 11 state high courts.

With files from The Canadian Press