Great Day for the Knicks- Unloaded multiple bad pieces from the Isiah Era and picked up 2 pieces that can help for a 2009 playoff push and have no effect on 2010.

Donnie just continues to show he got what it takes to make the right moves and still get where you want to go. Cavs GM Danny Ferry might want to start taking notes if he wants to keep LeBron (or add a big piece to his roster in the next 30 minutes)

update: 2:05
DONE DEALS:
"Marc Stein: Hopefully you've seen all the clarifications on New York's moves.

The Knicks have swung two deals.

No. 1: Tim Thomas, Jerome James and Anthony Roberson to Chicago for Larry Hughes.

No. 2: Malik Rose and cash to Oklahoma City for Chris Wilcox.

Just over an hour to go before the trade buzzer sounds . . ."

update: 1:55 pm
Not confirmed, but ESPN has also stated that The Knicks agreed to a minor trade Thursday with the Oklahoma City Thunder, swapping Malik Rose for Chris Wilcox.

"A source with knowledge of the trade disclosed it to ESPN.com, saying it was agreed to early Thursday afternoon. It was unclear whether there were any additional parts involved in the trade."

Link to the release: http://sports.espn.go.com/nba/news/story?id=3918993

update: 1:37 pm

Chad Ford: The Chicago Bulls made their second big trade in two days on Thursday agreeing to send Larry Hughes to the Knicks for Jerome James and Tim Thomas, two league sources told ESPN.com.

1:25pm:
Marc Stein: Word is coming in that the Knicks are closing in on some new players.

It is not immediately clear if this would be two separate trades or a three-way exchange, but I'm hearing that Oklahoma City's Chris Wilcox -- who went back to the Thunder on Wednesday night when the Tyson Chandler trade was rescinded -- and Chicago's Larry Hughes are New York-bound.

To complete the transaction(s), Oklahoma City would get Malik Rose and Chicago would receive Tim Thomas, Jerome James and Anthony Roberson.

Trying to nail it all down for you.