I have converted a .dwg to a .shp using the CAD2SHP app. I made sure that there would not be a .prj file when I did the conversion. Defined projection once I opened up the file in Arc as a .shp. Then I bought in another .shp, with the same GCS and PCS. I don't see any differences between the two, and yet they will not line up.
Arc has not shown me any errors in the process of converting or projecting any of the data.
The only clue I can provide is that they have different coordinate values, one in the thousands and the other in the millions. In full extent they appear quite far apart.
Any insight - or a link to someone with a similar issue.