This will simply put the data into a GIS format that contains complete attribution from everything that was in the CAD file. Without the spatial reference existing on the CAD side, the features will simply be converted to a shapefile. You can then use the GIS tools within ArcMap to manually move and rotate the features to their appropriate location, save them, and then export them to your final geodatabase feature class. Its one way anyhow, probably not the most elegant, but when you need it RIGHT NOW, it has worked well for me. Honestly I've often wonder why ESRI doesn't embed something like this within their suite...maybe they did and I missed it, that is entirely possibly too.