11:27am: The Mavs' press release announcing the trade indicates that Ledo's rights were acquired by Dallas from the Sixers, so perhaps Atlanta wasn't involved as a middle-man after all. In exchange for Ledo, the Mavs sent Philadelphia the Nets' 2014 second-rounder that Dallas had originally acquired from Boston earlier in the evening.
FRIDAY, 10:56am: The Bucks have officially announced the acquisition of Wolters (Twitter link). According to Charles F. Gardner of the Milwaukee Journal Sentinel (via Twitter), Milwaukee sent a future second-round pick and Ledo to the Sixers in order to snag Wolters. From there, tweets Gardner, Ledo's rights went from Philadelphia to Atlanta to Dallas.
THURSDAY, 11:14pm: We'll have to wait for official confirmation from the various teams involved in these deals to determine where everyone ended up, but by my estimation, it looks like the Bucks landed Wolters, the Mavs acquired Ledo, and the Hawks ended up with Muscala.
10:54pm: As confusion abounds, the Mavs have confirmed they acquired Ledo from the Sixers, tweets Katz.
10:50pm: ESPN.com's Andy Katz breaks it down (via Twitter): The Sixers selected Nate Wolters at No. 38 as part of the Glen Rice Jr. trade, then traded Wolters to the Bucks for Ledo. Philadelphia then sent Ledo to the Hawks, and according to Katz, Ledo could be on the move yet again (Twitter link).
10:46pm: Various reports are now suggesting that Ledo will end up landing in Philadephia or Atlanta, so we may have to wait this one out to get total clarity.
10:32pm: The Mavericks have agreed to acquire the 43rd overall pick from the Bucks and will use it to select Ricky Ledo, reports Jeff Goodman of ESPN.com (via Twitter). According to Goodman (via Twitter), the Mavs will send pick No. 44 to Milwaukee, and the Bucks will select Mike Muscala.
It had been previously reported that the 44th overall pick was ticketed for Atlanta in an earlier deal, though that trade was said to be"still evolving," so maybe the Mavs were able to keep the pick out of the swap.