Jonathan Givony reports on Twitter that the surprise Qatar player that the Timberwolves were after (using Portland's 57th pick) may have been lying about his age:

"Uh-oh, looks like our guy T'Wolves draft pick Tanguy Ngombo has been busted for lying about his age: http://bit.ly/kfxzqp (hat-tip @sJacas )"
http://twitter.com/#!/DraftExpress/status/84330036089466881

He says this is common practice in Qatar to nationalize players. The fact that Ngombo is 27 may mean that his is ineligible to be drafted:

"NBA should invalidate it. Not that it matters, but he was ineligible to be drafted. RT @kpelton: So what happens to the Tanguy Ngombo pick?"
http://twitter.com/#!/DraftExpress/status/84334539895357440

All of this would be really funny if it were simply another KAAAAAHHHNNNN moment, but this time Portland is involved because the Blazers are supposed to trade the pick to Minnesota.

I have no idea what happens to the trade if the pick is invalidated.