According to TSN, the Islanders have traded Bill Guerin to the Pittsburgh Penguins for a conditional draft pick.
Stu Hackel in the Times reports that it's a 5th-round pick, which becomes a 4th rounder if the Pens make the playoffs, and a 3rd rounder if they advance to the second round.
Greg Logan and Chris Botta add that the 3rd rounder is also conditional on Guerin playing in 50 percent of the games (presumably the first-round playoff games).
Jon Sim assigned to Bridgeport, Nate Thompson activated—ouch. That's a hard one to swallow (other than the obvious youth-focus aspect of the move). I really feel for Sim in this situation.