It's seems the tax benefits for LINE are better than LNCO. I didn't pay any tax for the return of capital like I would have for a dividend. Should I switch to LNCO before it pulls too far ahead or is the premium already baked in?
I would bet that the short trades wer made with LNCO to avoid the K-1 hassle for LINE. When the short players found the price stopped falling, and then the Berry deal made the short arguments irrelevant, they has to rush out a tight door, and that drove LNCO higher than LINE. Compare LNCO and LINE on the price charts, and you will see they had been running together. So, it's the short squeeze that popped LNCO over LINE.
LNCO has some pretty large ROC also and no K-1s, which seem to be roundly despised. But remember: the tax is simply deferred whether on LNCO or LINE. There's no free ride with the IRS. Of course, if you have carryover losses that changes the picture.