Cut out part from logo and vectorize logotype

I have a large JPG of a logo containing a chess nut, a logotype and an ellipse surounding the chess nut. 1) I need to have the chess nut cut out from the background and logotype, and have the par of the logotype that is overlapping the chess nut removed from the chess nut and photoshopped so you can't see that the logo type has been there. I need this cut out chessnut delivered as a JPG in same resolution as the original file. 2) I need the logotype as a vector shape, in illustrator CS6 file format. The logotype is the entire script saying "under Kastanjen". 3) I need the ellipse as a vector shape, in illustrator CS6 file format. If you have any questions please let me know.