Eventually, I think LNCO will again be trading higher than LINE for the same reason it was before the HedgeEye brouhaha; namely, it is much easier to own for the average investor than LINE with the K-1 forms to deal with.
I think the selling pressure on LNCO shares is from BRY holders that recevied LNCO shares and want out of the investment. It will correct itself with time. It's a great arbitration trade (short LNCO - probably have to buy deep in the money puts) and go long LNCO if you have the cash and time. I made some pretty good money playing this trade the other way when LNCO was trading $4 higher than LINE.
I don't think that LINE will remain valued higher than LNCO long-term. The K-1 tax forms required to hold LINE opposed to LNCO make it less attractive, in my opinion. Additionally, it depends a bit on what kind of account you hold the shares in. I hold some of my shares of LNCO in a Roth -- which makes far more sense (and dollars) than holding LINE in a Roth since you miss the tax benefits. Anyhow, IMO, LNCO will long-term be valued higher than LINE. It's only a matter of time. Either are strong buys right now though!!