This was probably the minor deal Brian Cashman was talking about earlier in the week, not the Rafael DePaula move.
Miranda was signed out of Cuba in 2006 and despite putting up decent numbers in the minors never really got a chance in the majors. In 94 plate appearances over 46 games he hit .253 with a 107 OPS+. Not bad, but he never had enough promise to keep the Yankees from signing Mark Teixeira.
Cashman identified him as somebody who could play a role off the Yankees bench next season, but he was out of options. That means that if he didn’t make the team out of spring training they would have risked losing him for nothing. So trading him now makes sense.
Allen, 19, is very far down the totem pole at this point. I don’t know anything about him, but he hasn’t played a full season in the minor leagues yet, tossing just 78 innings at Low-A in 2010. He had a 4.73 ERA, but seems to have decent control with a 9.1 K/9 rate and a 2.5 BB/9 rate. He’ll likely start the season in Low-A Charleston or SS-A in 2011.