How it plays out from a facilities standpoint remains to be seen; part of the restructuring plan is to contract out some work, which is expected to take care of 6,000 of the jobs. Observers say it will require some facility shutdowns as well. The rest of the cuts will be in redundant marketing, sales and corporate center functions, which could translate into as many as 1,500 lost positions at the company's Murray Hill headquarters.

"We are outlining a comprehensive set of actions to rebuild the company for long-term, sustainable profitability," said Lucent chairman/CEO Henry Schacht in a prepared statement. This is the second time he's held that position. After stepping down a few years ago, he returned to the corner office last fall when the company's board ousted Richard A. McGinn as Lucent's financial performance sagged.

Interestingly, McGinn is involved in a little-known Lucent real estate activity that has begun drawing criticism for its apparent waste of money. Under his direction, Lucent has been funding development of an exclusive golf course, Hamilton Farm Golf Club, in Peapack-Gladstone. The development, its helicopter landing pad, 20,000-sf guest house and other amenities are said to have sucked at least $40 million out of Lucent's coffers over the last two years.

According to published reports, so anxious are Lucent officials to disengage themselves from what is being called a "5,000-acre white elephant," that they've agreed to be the sole guarantor on a $45 million loan to a group of companies that have shown interest in buying it. PNC Capital Markets of Philadelphia is packaging the deal for the group that includes Townsend Capital, Buena Vista Hospitality and hotelier Bill Howell Associates. Lucent recently turned down a $25 million offer for the property from former Beneficial Finance chairman Finn Caspersen.