(2:15AM EST) It looks like the mediation meeting is breaking, but no agreement has yet been reached. According to Ken Berger, this evening's meeting is over, but talks will resume tomorrow.
According to Larry Coon, both sides have been asked to refrain from commenting. Mediation will resume in about eight hours at 10AM EST.
If you want to try and find some silver lining in all this, consider - David Stern originally set a deadline of Tuesday, while mediator George Cohen reportedly wanted more time to reach an agreement. Well, Tuesday is over, Stern's deadline has passed, and the two parties are still willing to meet again to continue their work. Did Cohen's stature trump Stern's?
As far as I can tell, the mediation between NBA owners and players is 15 hours in and there is no sign of any news breaking.
If you're up all night and in it for the long haul, keep an eye on some of the reporters who are tweeting the updates:
According to Schuhmann, the results, whenever they come, will be broadcast on NBA TV and streamed on NBA.com.