I think you will get a windfall. The biggest reason to do this split is to unlock the inherent value of the two companies. Right now, they drag down the PPS because the company can't be valued correctly. There is no category for "a senior living REIT with a newspaper/online kicker." How much will the windfall be? Probably not a lot, but definitely to the upside.
I also think that NCT's prez is an extremely well connected Wall Street guy. To some extent, he is selling this deal to his friends. I feel he must truly believe in it to do this deal. Now, he might be wrong, but if investing was guaranteed, everyone would be millionaires.
I think the newspaper biz might surprise you. Remember this includes the group that creates online web sites and advertising which leverages off the newspapers as well. Read about it in the company materials. Personally, I think the senior living will be a good investment, but I intend to hang onto the news entity, and see what happens. It's a spec investment, but I feel like I am getting it for free.
Agree with you, C4, and with Crack also. Of course, you have to be fundamentally sadistic to be a short trader like shrimponbarbie.
I would expect the combined value of the new NCT and the NEWM stock to be the same before and after the spin. In the longer term, there will be a slight increase because the stock will not be bid down by having a mixed portfolio of businesses. Actually, I would expect NCT to soon trade at the same price as old NCT because the senior living was carrying the load. So, NEWM is like a bonus; anything it does will be gravy.
Having said that, you have to be prepared for some volatility because the day traders and the short traders love to push the PPS of REIT's in general around. It works ... sometimes ... because REIT shareholders are always worried that the dividend will be cut anytime they see the PPS go down a little. So, whatever people like "shrimponbarbie" say, just remember that he is a short trader trying to get people nervous about this stock.
Recommendation: Hold what you have, and watch press releases, CC's, etc. closely as management thinks this is a real winner ... maybe they are right, but make them prove it.
Wouldn't Flaherty have to terminate from HCP to hook up with NRF? That was just a couple of months ago. I don't think they would keep him on the B of D if there was an issue. This is all good.
I think this gets to $16 before the split. After the split is anyone's guess, but an initial burst to the low $20's [both stocks combined] wouldn't surprise me.
I'm sure Dar will respond, but here's my 2 cents as someone whose also retired for three years now:
I think MREIT's are a little risky for a retired person; so, NRZ is not on my approved list. I do own NCT, though. I also own RSO; I think it's future is brighter than some people think.
Other things: Good dividends from BDC's. There are many, and they get reviewed quite a bit, I own PSEC and FSC personally because they pay well, and both lever using fixed rate financing, and have floating rate assets. Good environment for them.
Some of the MLP's might be OK, like CLMT which I used to own, and is still a good company selling specialized petro products.
Look at: NMM and STON as well as NCV ... good dividend payers. I try to make 12% a year in dividends - plus gains - as 12% will double your money in six years with re-investments.
 Shorting NRF has worked in the past .... people tend to repeat success.
 It's a REIT. People are nervous about REIT's so shorting works better with them than other stocks.
 It's had a big run-up already .... what goes up must come down is the thinking.
 and  See Ken's post below.
Gee, Onion is one of the old-timers too.
I think I did work for less than minimum wage, though: $1.15 an hour at my first job .... unless you count working for my parents in H.S. at about $0.08 an hour ... I'm pretty sure that's below minimum. Wait, they took 75% of that money back, so $0.02 an hour. Too bad, Onion can't tell us if he can top that.
Gee, RayB, I wish you'd be a little more specific. For example: "He knows what he has to do and he is unwilling to do it." I give up, what is he supposed to do?
Couple of thoughts:
 Isn't ACA basically a copy of the Repub plan used in Mass? If so, seems like they had input; maybe not in the way you want.
 Most of your post criticizes the Dem's in Congress. I'm not sure that all falls at the feet of BO - since he's not in Congress - even if one agrees with your remarks. Which reminds me ....
 RayB, haven't you noticed that neither party is feeling cooperative these days? Do you think that the Repub's have been asking for Dem's opinions? I think not; they won't even approve of judges and the like so that half of the federal courts are without a judge .... and the point of doing that is?
I won't even go back to previous Repub Prez's in this regard 'cause it's too depressing.
You're wrong, Onion. HxH's list could easily be doubled re Bush. And that's not even counting his desertion while in the military [failure to report to his assignment in Alabama during a time of war is technically desertion ... but I digress].
One fraud does not justify another. However, I do agree that the rich get to make the rules, and guess who those rules are biased toward? The system is rigged, and only the rich have trouble seeing that. Things like Social Security and Medicare are an attempt to at least keep us all on the playing field. Philosophically, I would not be in favor of either program, but as long as the world doesn't operate fairly towards the bottom half of the populace, I see where they are needed.