Why would NRZ limit the form of doing business with NSM? NSM is really a servicer, not really an investment vehicle although why not. Each company has to react to their own situation and not some inflexible formula. My guess is that NSM needed a cash infusion (see their termination of their wholesale business).
Additionally, we now know what the estimated value will be. If you need a $4 stock to be listed and it seems that is management's intent, then for each share of NCT stock, you will receive $1 of value. Although economically there should not be any adjustment to the trading price of NCT's shares since what is beind distributed has been writtend downs and currently does not provide any cash flow, I am sure there will be some sort of adjustment but less than the dollar.
Maybe they were wrong, if they intended that the shares would trade on the NYSE. In any case, whether or not it is 1:1 or some other ratio doesn't really matter too much to me. Actually, I would rather it be something less than 1:1 so that there isn't that much float out there.