According to the "Insider" on the official Isles page:
"Deadline Friday:
The NHL will conduct their annual waiver draft on Friday at noon. Meanwhile, it's also the last day that unsigned junior players claimed in the fourth through ninth rounds can be returned to their junior squads. The fate of D Bruno Gervais, who has been solid throughout training camp and the preseason, is yet to be determined."
http://www.newyorkislanders.com/gameday/insider.html