It shouldn't be black AFAIK, but Alpha channel, or, well...transparent. I don't know exactly how to do this in anything except Adobe Photoshop, so...
Basically the way to do it there though is to first cut out the picture you want retained (i.e. the chain links) using for instance the magic wand tool or whatever, and then to paste that picture into a new picture which is set to having a "Transparent Background" (you can pick that when creating a new picture). In Photoshop, the transparent areas have this kind of black-and-white-striped pattern on it, so that way you can see what has the appropriate alpha channel or whatever it's called.
Then just save it as .trg (Targa) and use TexView2 to convert it to .pac. That, at least, is the way I do it? There's probably a more clever or easier way to do it, but yes...
Wolfrug out.