According to various reports, the NBA has rejected the proposed trade of Chris Paul to the Los Angeles Lakers. Pressure from various NBA owners who are reportedly unhappy with a league owned team handing the league's best point guard to the league's preeminent team apparently caused the veto.
This has huge implications. If the Hornets aren't allowed to deal with the Lakers, they theoretically shouldn't be allowed to deal with anyone. Of course, if they can't move Paul and he walks in the summer, the NBA will have just set back basketball in New Orleans by a significant degree.
Chris Paul is currently exploring his legal options to try and force the trade through to the Lakers; he reportedly will not report to training camp tomorrow, believing the deal can still be made.