Think about the way the moon causes the liquid part of the earth to stretch in the directions both exactly toward the moon and exactly away from it.
Nothing's stretching away. In order of distance from the Moon we have:
1) nearside oceans
2) the Earth itself
3) farside oceans
All of them are attracted towards the Moon, but at decreasing strength due to distance. The nearside ocean gets pulled closer to the Moon than the Earth does, and the Earth gets pulled closer to the Moon than the farside ocean does. Hence, two bulges, but not because the far one is being pushed away from the Moon.
However, you've got that other star circling around the black hole - stretching it into an oval shape.
When you say "it," do you mean the star or the black hole? It seems like you mean the black hole...
A black hole isn't a physical object. It's a surface around an object at which the gravitational field strength has a particular value. I'm not sure it would be influenced in such a way by the presence of another object.
then perhaps the distortion of the gravity field is sufficient such that it allows the light to escape
What light are you talking about?