A new share was created and the system account has access to the share. I see the application in the shared folder and the data source is pointing to the correct directory. Below is part of the log from the distmgr.log.
CreatePackageSignature() called for Package HQ100077 with version 1 with source as \\corpnas02\software\DSL\Applications\Adobe Premiere CS5.5. KeepUnpackedSignature = 1
\\corpnas02\software\DSL\Applications\Adobe Premiere CS5.5 could not be located
RDC:Failed to create RDC signatures for source \\corpnas02\software\DSL\Applications\Adobe Premiere CS5.5 for package HQ100077 version 1. Error = 2
Failed to generate hash of package HQ100077
Package HQ100077 uses the source directory directly.
The source directory \\corpnas02\software\DSL\Applications\Adobe Premiere CS5.5 doesn't exist or the SMS service cannot access it, Win32 last error = 1808