Elder Dragon

Elder Dragon’s play effect has a number of targeting restrictions equal to the number of locations on the board. Its controller chooses up to one enemy unit at each of those locations to target with the ability and each of those units must follow their respective targeting restriction. It is the equivalent to saying “Deal 1 to up to one enemy unit at battlefield A. Deal 1 to up to one enemy unit at battlefield B. Deal 1 to up to one enemy unit in your base. Deal 1 to up to one enemy unit in Opponent A’s Base. …” Each of those targeting restrictions is fulfilled separately for each unit targeted.

If you play Flash in reaction to the play effect of Elder Dragon, any units that are moved to a location other than the one where they were targeted will no longer fulfill the targeting restriction of the Elder Dragon play effect and will be unaffected by the ability as it resolves.

In general, there are not many cases where we have this kind of competing instruction: one effect that tells you to play a unit to one location, and one that tells you to play it to another. That being said, when they do arise with contradictory requirements, the precedent from other areas of the rules is that the player chooses one of those requirements and ignores all others.

Note that this only applies to mandatory positive requirements, ones that specify a location or method without also preventing the action from being performed to other locations or with other methods and that aren’t optional. For example, an effect like Perched Grimwyrm’s passive ability is a restriction on playing that unit to any location other than a battlefield you’ve conquered this turn. Rockfall Path’s passive ability is a restriction on playing units to Rockfall Path. If you’ve conquered only Rockfall Path this turn, you can’t play Perched Grimwyrm at all, because those two restrictions are contradictory.

In this case, the contradictory requirements don’t directly prohibit the playing of these units to other locations, so we can choose one of the contradictory requirements and ignore the rest.

Per the current rules, there is nothing that would stop Imperial Decree’s delayed trigger from triggering Immortal Phoenix. It is a triggered ability generated by a spell; it is attributed a kill action, and thus the spell that generated it will also be attributed the same kill action. The owner of Imperial Decree is the controller of the delayed triggered ability; the player responsible for the kill action is the one who controls the ability; and that same player is the owner of Immortal Phoenix in the Trash. Thus all three conditions for Immortal Phoenix triggering are complete, and it will trigger.