I used 2 strap wrenches to try to get this bit out; then put it in vice and used channels to no effect. Guess I should have bought a holder with a key but this is a twist holder. Any way to remove this bit would be a bit of good news for me. Thanks
What is the make of that chuck? A lot of good keyless chucks will not hole the bit if the direction of the chuck is reversed. You could try and hold the tapered arbor securely and try and turn the bit backwards.
And THAT is why you NEVER chuck an S&D drill in a keyless chuck. If you're lucky, it only ruins the shank of the drill. I saw a nice Albrecht chuck destroyed in this fashion. In the shop where I apprenticed, and later in my shop, chucking an S&D drill (in any chuck) was a firing offense. Hold 'em in a collet or get a Morse taper shank drill.
I have several Albrecht chucks and they will tighten like that when using too large of a bit, and they are hard to release the bit without marring up the chuck. Anything over 1/2" I use a keyed Jacobs.