A Chicago judge has granted bail to Conrad Black, handing him a small legal victory almost a week after he was convicted of three counts of fraud and one count of obstruction of justice. But he'll have to stay in the U.S.

Black will now remain out of jail on his initial US$21-million bond as he waits for his Nov. 30 sentencing hearing.

"He's going back home instead of the 'iron bar hotel,' which is not a place you want to go to," Hugh Totten, a Chicago lawyer who has been monitoring the trial, told CTV News.

However, Black's passport is in the court's possession and his travel is restricted to the northern district of Illinois or the district in Florida, where he has a large Palm Beach home.

Court filings state Black owes more than US$10 million in mortgage principal on that property, but lawyers have said he's been able to pay the interest.

Judge Amy St. Eve said she'll have another hearing on Black's assets on Aug. 1, and will decide then if he can travel to Toronto.

"The Toronto door has not been shut completely, so we'll be back on Aug. 1," said Black's Canadian lawyer, Eddie Greenspan. "The judge just wanted more information on assets."

Black had no comments for the media as he emerged from the courthouse, but smiled as he made his way past the throng of reporters to a waiting car.

His lawyer Eddie Genson also refused to comment on the ruling. Asked if he was happy, he simply replied: "I'm always happy."

The former media baron originally faced thirteen charges, including one for racketeering, but was cleared of nine last week.

On Thursday, the prosecution revised Black's potential sentence from 24 to 30 years in prison, and argued he was a clear flight risk and should be immediately put in jail.

Lead prosecutor Eric Sussman argued Black had violated his bail by failing to pay the mortgage principal on his Palm Beach home.

"Mr. Black's word is literally not worth the paper it's printed on," Sussman told the judge.

Greenspan argued his client would freely return to Chicago for his Nov. 30 sentencing hearing if he was allowed to travel back to Toronto, and even offered to personally accompany his client and hold on to his passport.

In the end, Judge St. Eve concluded there wasn't enough evidence to suggest Black would run.

"(Black) is extremely lucky," said Stephen Komie, a defence lawyer. "For the government to lose twice on the question of him being a flight risk, that's very unusual. On two occasions they've failed."

Greenspan argued his client would freely return to Chicago for his Nov. 30 sentencing hearing if he was allowed to travel back to Toronto.

Greenspan even offered to personally accompany his client and hold on to his passport.

On Wednesday, Prime Minister Stephen Harper said Black won't receive any special treatment should he attempt to return to Canada.

In 2001, Black renounced his Canadian citizenship in order to enter the British House of Lords after a dispute with former prime minister Jean Chrétien.

Harper added that Black would free to use normal avenues to attempt to return to Canada.

The Globe and Mail also reported Thursday that Chicago-based Hollinger International Inc. and Toronto-based Hollinger Inc., two companies that Lord Black previously controlled, hired investigators more than a year ago to assess his personal wealth.

The companies are suing Black for hundreds of millions of dollars relating to alleged improper payments and his recent guilty verdicts on some of the questionable dealings has strengthened their claims.

The newspaper also reports that the U.S. Justice Department has informally probed Black's international assets and is aware of the Hollinger searches.

Prosecutors have already alleged that Black has not offered full disclosure to the court regarding his financial holdings -- an issue that could impact the possibility of him receiving bail.

Meanwhile, in an email to CTV News, juror James Kirby said "it was more than specifics" that led to the guilty and not guilty verdicts for Black and his co-defendants. Kirby said it was the "totality of events" that also influenced the verdicts.

Kirby also said the testimony of prosecution witness David Radler, Black's former business partner, was important but held the same weight as "the testimony from all witnesses."

With a report from CTV's Joy Malbon and files from The Canadian Press