Originally Posted by New York Post
The Knicks' chances of netting Pacer reserve swingman James Jones were thwarted yesterday when Indiana pulled off a sign-and-trade with the Suns.
Knicks president Isiah Thomas was offering Jones a three-year deal starting at their lower exception, $1.7 million. Under cap rules, Thomas could not lift the offer unless he executed a sign-and-trade with the Pacers, which he couldn't do. Jones held out and got a longer-term deal with Phoenix — four years at a little more than the $1.7M.

The Pacers were forced to trade Jones because of budget restrictions, and because they just drafted Danny Granger. They received almost nothing — a 2008 second-rounder — in return.

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