The value of a forward contract to a party holding a short position at expiration is indeed equal to the value to the long party multiplied by -1. This is because the short party has agreed to sell the underlying asset at a predetermined price, known as the forward price. If the spot price of the asset at expiration is higher than the forward price, the short party incurs a loss, while the long party makes a gain. Conversely, if the spot price is lower than the forward price, the short party makes a gain, while the long party incurs a loss. Therefore, the value of the contract to the short party is the negative of the value to the long party.

Choice A is incorrect. The value of a forward contract to the short party at expiration is not valueless. It depends on the difference between the spot price and the forward price at expiration.

Choice C is incorrect. This statement contradicts how a short position in a forward contract works. The value to the short party would be negative if the spot price of the underlying exceeds the forward price, not positive.

Choice D is incorrect. The value of a forward contract to a short party at expiration does not equal 1 divided by the value of the long party. This choice seems to confuse some concepts related with financial derivatives and does not accurately describe how this calculation should be made.