A defiant Conrad Black pleaded not guilty to eight counts of fraud inside a Chicago courtroom Thursday. If convicted of every count, the 61-year-old could face up to 40 years in jail.

Black is considered a temporary resident of Canada during the trial, and a citizen of the U.K. Judge Amy St. Eve released Black on a $20 million US bond, allowing him to travel between Canada and the U.S.

He secured his bond using his Palm Beach, Fla. home and roughly $8.5 million US in assets from his New York apartment, which was seized by the Federal Bureau of Investigation.

"The prosecutors have tried to strangle me financially," Black told reporters.

Canadian-born Black, who currently resides in Toronto, famously gave up his Canadian citizenship after a dispute with former prime minister Jean Chretien to become Britain's Lord Black of Crossharbour.

The charges allege Black helped to defraud media company Hollinger International Inc. of more than $80 million US.

Prominent Chicago lawyer Edward Genson will be representing Black, along with Canadian lawyer Edward Greenspan.

According to Steven Skurka, a lawyer and CTV legal analyst, Genson is a "fierce cross examiner."

Genson refused to say much about his new client, including whether he's ever met or spoken with him.

But he did tell the Associated Press Wednesday that in 40 years of practice, "I've never represented a lord."

Black's arraignment on eight counts of fraud was twice postponed as Black chose his U.S. legal team, which also includes Chicago lawyer Marc Martin.

Both Genson and Martin have been wrapped up in high-profile trials and only got involved with Black's case on Monday.

CTV's Joy Malbon, reporting from Chicago, said she was unsure if Black was having difficulties funding his costly defence case and expensive legal fees.

Black's former associates

Meanwhile, one of Black's co-defendant's failed to show up to face fraud charges Wednesday, while another had his arraignment delayed until today.

Canadian ex-Hollinger executive John Boultbee did not appear at the morning proceeding.

U.S. authorities have said they will give him "a few" more days before beginning extradition proceedings.

The arraignment of Peter Atkinson, another Canadian ex-Hollinger executive, was adjourned until today.

A lawyer for Atkinson has indicated his client intends to appear but requested the extra day, Robert Kent of the U.S. Attorney's Office said in federal court.

"As for Mr. Boultbee, we don't have such news," Kent said. "At this point we have not gotten any indication that he intends to appear before this court."

Boultbee and Atkinson, like Black, are being arraigned on fraud charges for their roles in an alleged plot to transfer tens of millions of dollars away from Hollinger International Inc. to its executives.

Boultbee, a 62-year-old Toronto native, is a former executive vice-president and chief financial officer of Hollinger. The U.S. Attorney's Office says the chartered accountant oversaw finances at the Chicago-based publisher, including tax matters.

Atkinson, 58, supervised Hollinger's legal affairs and also carried the title of executive vice-president.

Both men were indicted Nov. 17, the same day as Black, the former Hollinger CEO and chairman.

Boultbee, like Black, is facing eight counts of fraud while Atkinson faces six. Each count carries a possible penalty of five years in jail and a $250,000 US fine.

The indictment also seeks criminal forfeiture of more than $80 million US from Black, Boultbee, Atkinson and former Hollinger lawyer Mark Kipnis, who pleaded not guilty Tuesday.

David Radler, Hollinger's ex-chief operating officer and long-time friend of Black, agreed to a 29-month jail term and a $250,000 US fine in a deal with the U.S. Attorney which saw him plead guilty to one count of mail fraud in a Chicago court in September.

Other counts against Radler were dropped in return for co-operating with prosecutors in the case.

Many of the charges relate to Hollinger's $3.2 billion US sale of numerous newspapers to CanWest Global Communications.

According to the indictment, Black negotiated the deal while Atkinson and Boultbee helped review and complete it. The transaction included $51.8 million US in non-compete fees, which are not taxable in Canada.

The indictment alleges the fees, for promising not to compete against the buyer, were a mechanism to pay Boultbee and Atkinson bonuses without paying proper Canadian taxes.

In addition, the former executives did not tell the board's audit committee of the move, the U.S. Attorney's Office says.