NY Knicks 2011 Draft picks

I know it has been said often that we don't have any picks to send to Denver in a suposed Melo trade. But we do have a first round pick, isn't it? Houston has the rights to swap our 2011 first round with us because of the T-Mac move but this actually means that given the case we do own theirs.

In fact, they'll provably don't want to execute that option because Rockets are likely to finish the regular season with a worst record than us. So, or i'm missing something important or we DO OWN a first round pick. Then, why the hell is the media saying Donnie Walsh rgrets that move and is prepared to get the first round pick Nuggets want trading AR if we already have one?

Excuse me if this is a subject already discussed largely on the boards but i'm too new to know.

Yeah we still have our pick. The reason we cant give it to Denver is because u cant go 2 years without a pick

Houston will want their pick because of record so NY will have a 18-20th pick which is pretty low. So im guessing Donnie knows this and sends Ant to Min. for theirs a top 10 most likely and the deal looks better.

Atleast thats what it looks like to me.

edit: yeah you can't trade your 1st rounder 2 years in a row so you need another teams pick

So, yeah, i was missing something important. I didn't know about this rule. Thank you, guys.