Several months after teetering on what seemed like the brink of bankruptcy, shares of Alcatel-Lucent (NYSE: ALU) have recovered nicely from their sub-$1 lows. And while much has improved for the struggling telecom equipment giant, it's by no means out of the woods. The company still faces plenty of risk as it attempts to further execute on its long-term restructuring efforts. Given so many moving parts, what's the bottom line? In this edition of our Ask a Fool series, Fool contributor Andrew Tonner give his take on Alcatel and how investors should play this recovery story.