"The Franchise" was traded today by the Houston Rockets to Memphis, along with a second-round pick, in exchange for a conditional 2011 pick from the Grizzlies.
Francis has not played at all this season after only playing in ten games in '07-'08, but will at least get minutes with Memphis. For the Rockets, it's mostly a move to shed some salary and clear up a roster spot, as it allows them to get under the NBA's luxury tax threshold. For Memphis, they get the pick back they regret trading away.
See? Everybody wins this holiday season!