Kevin Nash defended the WCW World Title against Hollywood Hogan on Nitro, they teased a match, before Hogan simply poked Nash in the chest, Nash took a dive, and Hogan pinned him to win the title.
The nWo then reformed, again, and the rest is, unfortunately worded, history.
I believe it was a way of getting the belt from Nash to Hogan to avoid a creative control issue (at least, that's what I seem to remember hearing at the time).