Yeah we are hemorrhaging money but if we rid ourselves of Diaw's contract, Tyson Chandler opts out and we not resign Felton we would actually be in pretty good shape. Also we have Nzar who is a soon to be expiring contract who could help a team till then. There are teams in a lot worse shape. The Celtics have 6 guys under contract and over the cap. The Pacers have a bunch of scrubs and are over the cap. It's not that bad really.
If, if, if. We're just as likely to have Chandler not opt out and not be able to trade Diaw unless we take back an equally crappy contract. Fact of the matter is that we're in cap hell right now, nobody knows what's going to happen yet and Jordan supposedly took on a lot of debt and the franchise lost over $10MM last year. It is that bad, and buying a first round pick for $3MM won't be a smart business move, especially when Coach Brown isn't going to play him.
Trading for a pick is one thing, but MJ has no business throwing money around trying to buy a pick, especially in the first round.