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NBA Lockout 2011: David Stern Lets Ultimatum Pass, Meeting Scheduled For Thursday

The NBA lockout talks will continue, despite the 5 p.m. Wednesday deadline that commissioner David Stern issued earlier in the week. The owners and the NBA Players Association talked into the night and will reconvene at noon on Thursday after making some reported progress on key issues.

Stern officially said that the two sides "were not failing and not succeeding," but reports indicate the two sides have made progress on several system issues. The one major sticking point remains the mid-level exception, according to those reports.

If talks break down, a report by David Aldridge of NBA.com suggests NBPA head Billy Hunter will "disclaim interest," allowing the players to conduct an anti-trust lawsuit. There remain reports that the NBA has enough signatures to decertify the union in the event of the talks breaking down again.

No matter what, this is a big day for the league that could ultimately decide the course of the season.