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Oak Knoll

City Attorney brokers deal, judge approves Lehman cash to clean up Oak Knoll

January 11, 2010 -- After months of community pressure and legal wrangling, a deal to secure $3.7 million from failed Wall Street giant Lehman to abate health and fire hazards at the former Oak Knoll Naval base has been approved by a U.S. Bankruptcy Court judge in Santa Ana.

Thousands of creditors have lined up to get cash from Lehman as it undergoes restructuring in the biggest bankruptcy case in U.S. history. Given the enormous number of claims, City officials said it was extraordinary that Oakland was able to secure a significant amount of funding for the long-neglected base, a 167-acre property in the East Oakland hills that was formerly home to a U.S. Navy hospital. read more

Also see: Copy of the agreement

KCBS Radio: Oakland teams with Lehman to clean up blight

leaks in the central reservoir