How much did Lucent spend to build world's most exclusive golf course?
2001-01-24 04:00:00 PDT New York -- Employees and shareholders of Lucent Technologies, which announced today it is cutting 10,000 jobs in a move to return to profitability, may also want to hear about the company's outlay of more than $40 million over the last two years to create one of the world's most exclusive golf courses.
How did Schacht become aware of Lucent's involvement in golf course?
It was after the ouster of McGinn in October that Schacht, the company's restored chief executive, became aware of Lucent's involvement in the golf course, said Kathleen Fitzgerald, a company spokeswoman.
What happened to Lucent Technologies?
Doug Pitt In 2006, Lucent Technologies, once an elite American technology company whose stock price had risen to $84, creating a market value of $258 billion, barely avoided bankruptcy by selling out to Alcatel, a second-tier French telecommunications company.
Why is Lucent investing in Hamilton Farm?
Lucent's involvement in Hamilton Farm, embarked upon when its earnings and stock price were flying high, exemplifies the company's lofty ambitions when it became the world's largest maker of communications equipment after its spinoff from AT&T in 1996.
Who owns Hamilton Farms golf club?
In 1998, Lucent Technologies purchased the property with the concept of developing an ultra exclusive golf club with eighteen corporate members.
Who belongs to Cypress Point Club?
Bob Hope, Bing Crosby and Arnold Palmer all belonged, just as Charles Schwab, Charles Schultz and Clint Eastwood do today. For decades, when the AT&T pro-am was still known as the Crosby Clambake, Cypress Point was part of the tournament rota.
Are there any black members at Cypress Point golf club?
As a result, Cypress Point, which admits women but does not have a black among its 250 members, decided last week it will no longer be one of the sites of the A.T.& T. Pebble Beach National Pro-Am, an event it has been a host to for more than 40 years.
What is the oldest golf course in South Africa?
the Royal Cape Golf ClubWELCOME TO ROYAL CAPE Experience the charm of South Africa's oldest golf course. In the Shadow of Table Mountain lies the Royal Cape Golf Club, established in 1885.
Who owns Pebble Beach?
Pebble Beach Co. is owned by a partnership between Taiheiyo Club Inc., a Japanese golf resort company, and Sumitomo Credit Services Co., one of Japan's largest issuers of Visa cards.
Who owns Spyglass golf course?
Pebble Beach CompanySpyglass Hill Golf CourseClub informationOwned byPebble Beach CompanyOperated byPebble Beach CompanyTotal holes18Tournaments hostedAT&T Pebble Beach Pro-Am (1967–present)15 more rows
Does Augusta have any black members?
The club admitted its first black member in 1990, media executive Ron Townsend, and there are an estimated nine Black members at Augusta National today.
How do you get invited to Cypress Point?
Cypress Point is one of the most unlikely invitations in golf. Even for the well-heeled and well-connected, you must be sponsored by a member to play this Alister MacKenzie and Robert Hunter masterpiece along the jagged coastline of Monterey Peninsula, which is ranked No.
Is Condoleezza Rice a member of Cypress Point?
Country club membership And Rice is a member of Monterey's Cypress Point Golf Club, which was kicked out of the AT&T tournament's three-course rotation in 1990 because it had no black members (although some women), and refused to come into compliance with PGA Tour inclusion rules.
Who is the owner of Leopard Creek?
Johann RupertLeopard Creek Country ClubClub informationEstablished1996Owned byJohann RupertDesigned byGary PlayerPar724 more rows
What is the oldest golf course in the world?
The Old Course at St Andrews LinksThe Old Course at St Andrews Links in Fife, Scotland, UK, is the oldest golf course in the world. Archbishop Hamilton's Charter in 1552 is the earliest documentary evidence that allowed the people of St Andrews to play golf on the Links.
What is the best course to study in South Africa?
Best Masters Degree Courses in South AfricaEngineering Studies.Management Studies.Marketing Studies.Humanities Studies.Social Sciences.Technology Studies.Economic Studies.Business Studies.
What is Lucent active in?
Lucent continued to be active in the areas of telephone switching, optical, data and wireless networking.
Where is Lucent Technologies located?
Lucent Technologies, Inc., was an American multinational telecommunications equipment company headquartered in Murray Hill, New Jersey , in the United States. It was established on September 30, 1996, through the divestiture of the former AT&T Technologies business unit of AT&T Corporation, which included Western Electric and Bell Labs.
What is the Lucent logo?
The Lucent logo, the Innovation Ring, was designed by Landor Associates, a prominent San Francisco-based branding consultancy. One source inside Lucent says that the logo is a Zen Buddhist symbol for "eternal truth", the Enso, turned 90 degrees and modified.
Why did Lucent close its phone plant?
As a result of the failed joint venture, Philips announced the closure of one-quarter of the company's 230 factories worldwide, and Lucent closed down its wireless handset portion of the venture. Analysts suggested that the joint venture's failure was due to a combination of technology and management problems. Upon the end of the joint venture, PCC sent 5,000 employees back to Philips, many of which were laid off, and 8,400 employees back to Lucent.
When did Lucent's bubble burst?
At the start of 2000, Lucent's "private bubble" burst, while competitors like Nortel Networks and Alcatel were still going strong; it would be many months before the rest of the telecom industry bubble collapsed. Previously Lucent had 14 straight quarters where it exceeded analysts' expectations, leading to high expectations for the 15th quarter, ending Dec. 31, 1999. On January 6, 2000, Lucent made the first of a string of announcements that it had missed its quarterly estimates, as CEO Rich McGinn grimly announced that Lucent had run into special problems during that quarter—including disruptions in its optical networking business—and reported flat revenues and a big drop in profits. That caused the stock to plunge by 28%, shaving $64 billion off of the company's market capitalization. When it was later revealed that it had used dubious accounting and sales practices to generate some of its earlier quarterly numbers, Lucent fell from grace. It was said that "Rich McGinn couldn't accept Lucent's fall from its early triumphs." He described himself once as imposing "audacious" goals on his managers, believing the stretch for performance would produce dream results. Henry Schacht defended the corporate culture that McGinn created and also noted that McGinn did not sell any Lucent shares while serving as CEO. In November 2000, the company disclosed to the Securities and Exchange Commission that it had a $125 million accounting error for the third quarter of 2000, and by December 2000 it reported it had overstated its revenues for its latest quarter by nearly $700 million. Although no wrongdoing was found on his part, McGinn was forced to resign as CEO and he was replaced by Schacht on an interim basis. Subsequently, its CFO, Deborah Hopkins, left the company in May 2001 with Lucent's stock at $9.06 whereas at the time she was hired it was at $46.82.
When did Lucent acquire Octel?
In 1997, Lucent acquired Milpitas -based voicemail market leader Octel Communications Corporation for $2.1 billion, a move which immediately rendered the Business Systems Group profitable. By 1999 Lucent stock continued to soar and in that year Lucent acquired Ascend Communications, an Alameda, California –based manufacturer of communications equipment for US$24 billion. Lucent held discussions to acquire Juniper Networks but decided instead to build its own routers .
When did Lucent become a darling?
Lucent became a "darling" stock of the investment community in the late 1990s, and its split-adjusted spinoff price of $7.56/share rose to a high of $84. Its market capitalization reached a high of $258 billion, and it was at the time the most widely held company with 5.3 million shareholders.
When did Lucent start its new ventures?
Lucent formed its New Ventures Group in 1996 to nurture small companies, make venture capital investments, and spin out entrepreneurial firms that could later go public. The New Ventures Group was instrumental in determining which Bell Labs inventions became marketable products.
What is Lucent's strategy?
Lucent's strategy is to meet its customers' needs by offering an end-to-end solutions platform. This strategy brings together the core products of switching, transmission, software, messaging and optoelectronics (including microelectronic componentry) with the new portfolio offerings obtained through strategic acquisitions as well as the research and development of Bell Laboratories.
What companies did Lucent acquire?
During 1998 Lucent acquired the following companies: Prominet, a participant in the emerging Gigabit Ethernet networking industry, for $200 million in stock; Optimay GmbH, a German-based software developer for chip sets to be used for Global Systems for Mobile Communications cellular phones, for $65 million; Yurie, a provider of asynchronous transfer mode (ATM) access technology and equipment for data, voice, and video networking, for $1 billion; SDX, a U.K.-based provider of business communication systems, for $200 million; MassMedia, a developer of next-generation network interoperability software that manages connections across data, voice, and video networks; LANNET, an Israel-based supplier of Ethernet and ATM switching solutions, for $117 million; JNA, an Australian telecommunications equipment manufacturer, reseller, and system integrator; Quadritek, a start-up developer of next-generation Internet protocol (IP) network administration software solutions, for $50 million; and Pario Software, a maker of network security software. By acquiring a large number of data-network equipment and software companies, Lucent was positioning itself to compete with companies such as Cisco Systems in building multiservice networks that could support voice, video, and data traffic.
How much did Lucent make in 1997?
1997: After reporting a loss in 1996, Lucent becomes profitable with net income of $150,000.
Why did Lucent lose money in 2000?
Lucent attributed its shortfall for the first quarter of 2000 to its inability to meet demand for new optical networking products and delays in customers deploying their new network equipment. Analysts noted that Lucent had misread the shift in demand to fiber optics, which provided more bandwidth, and then reacted too slowly to stop its customers from defecting to chief competitor Nortel Networks.
What is a lucent?
The third would be Lucent Technologies, a company focused on network equipment, switching devices, and business communications hardware. Lucent was incorporated in Delaware in November 1995.
When did Lucent become independent?
On September 30, 1996 , Lucent became independent of AT & T when AT & T distributed to its shareowners all of its Lucent shares. Once Lucent was separated from AT & T, it began to win large equipment contracts from telecommunications carriers who were AT & T's rivals.
What happened to Lucent Technologies?
What Really Happened to Lucent Technologies? Doug Pitt. In 2006, Lucent Technologies, once an elite American technology company whose stock price had risen to $84, creating a market value of $258 billion, barely avoided bankruptcy by selling out to Alcatel, a second-tier French telecommunications company.
Why did McGinn put Lucent under such capital and cash flow pressure?
It was only when McGinn put Lucent under such capital and cash-flow pressure by virtue of irresponsible, reckless CLEC financial deals that it had no chance for success. These deals were not those of marketing subordinates far down the food chain. These were deals that by their very structure required approval at the top, and across multiple areas.
How much did Lucent stock drop in 2002?
In only six years its stock price rose from $7.56 per share to a high of $84 after multiple stock splits, and then crashed to a 2002 low of 56 cents. Lucent’s market value dropped to less than $2 billion, not enough to meet two month’s payroll expense. Individuals’ company 401Ks sank to near worthlessness (divided by twelve). Retirees had to go back to work. Unexercised stock options became wallpaper.
What is the Lucent story?
Lucent’s story exposes a national affliction destroying America’s future. It speaks to the contemporary American world, a harbinger of many other company futures. Perhaps the global future. No analysis to date fully describes the forces that drove Lucent to the brink.
Why did McGinn and his subordinates get fired?
Experienced, knowledgeable subordinate executives were run off, retired or fired, because they were strong enough to hold the traditional line and knew better than to go along with the new folly.
What fueled the Lucent bubble?
The Clinton era Telecom Reform Act of 1996 fueled the dotcom bubble that led to Lucent’s demise. Clinton era legislation deregulating banking and investment fueled the subsequent mortgage bubble. Subprime only contributed to the problem slightly.
Who was Rich McGinn?
The widely discussed story inside Lucent was that Rich McGinn, ambitious person that he was, rose quickly within the Computer Systems Division after marrying into the Board Room. Computer Systems was the corporate boat anchor, capable of losing billions a year, and never turning profitable.
When did Lucent cut health care?
In 2002, Lucent began making significant cuts to the health care and retirement benefits of many of its 125,000 retirees. Although Lucent contends these and future cuts are necessary for its survival, they have nevertheless spawned several lawsuits and generated a continuing flow of negative publicity in the news media.
Why did AT&T spin off its equipment manufacturing business?
One of the primary reasons AT&T; chose to spin off its equipment manufacturing business was to permit it to profit from sales to competing telecommunications providers ; these customers had previously shown reluctance at purchasing from a direct competitor. Bell Labs brought prestige to the new company, as well as the revenue from thousands of patents.
How has golf club technology changed?
Golf clubs have changed perhaps more than any other single aspect of the game in the last 15 years. Factors like aerodynamics, component weight and better graphite shafts have allowed golfers to hit the ball longer and straighter . The head of the driver is now built with aerodynamics in mind.
Why are hybrid golf clubs so popular?
In order to get today's golf ball up in the air with greater frequency, Small says a hybrid club is ideal because of its increased launch angle compared to traditional irons.
Why do golfers wear gloves?
Golf gloves help golfers secure their grip on the club and protect their hands from blisters. Most right-handed golfers will wear their gloves on their left or lead hand, while left-handed golfers will do the opposite. Older generation golf gloves had a tendency to dry out, bunch up and lose their effectiveness.
How does a range finder help a golfer?
A range finder will help a golfer make a more precise decision. There may be a marker in the middle of the fairway that tells the golfer he is 150 yards from the hole but what if the golfer isn't close to that marker and is on one fairway or another? Perhaps the golfer is in the rough. It's much harder to gauge distances under those circumstances.
What makes a putter veer off course?
The opening of the putter face when it makes contact with the ball is what tends to make most putts veer off course.
Why do some golfers use hybrid clubs?
Many golfers find it difficult to hit fairway metals or irons. The mechanics of striking the ball consistently from an uneven lie can cause trouble for the large majority of amateur golfers, and that's why they have turned to hybrid clubs.
Why are golf driver heads so big?
The rules of golf allow manufacturers to construct drivers that measure 460 cubic centimeters (cc) and today's huge drivers are far more forgiving for less-than-perfect contact with the ball.