My view is that both sides of the argument are partially correct...

My view is that both sides of the argument are partially correct here. There are scenarios where both Ords & FORESTS could be worth much more or worth nothing at all. It's just that the FORESTS probably do indeed have a lower upside (because of the peanut price of the ords) & a higher downside (because of the possibility of more distributions in the future and some the much touted asset surplus if they remain unconverted before any company collapse and if there's anything left after distress sales,banks,ATO & administrators have taken their chunks). So you pay your money and you take your choice, but don't bet the house on either stock!