Ok, here we go with my "theory." Hopefully, it makes sense. I don't have any of the books in front of me, so I am working off of memory, forgive me, if I stray.
Orcs are not Elves, Trolls are not Ents. Orcs and Trolls were designed by Melkor as the antithesis (the opposite likeness)of Elves and Ents; their creation is the most heinous of Melkor's acts in Iluvatar's eyes.
Orcs were not of Iluvatar; therefore, immortallity was a gift that could not be received by them (Melkor could not give that which only Iluvatar can give), but they could have extremely long lives (nearing immortallity) if there were an agent of evil that would bind their fear and hate to Middle Earth (during the battle at the Black Gate, those creatures bound to Sauron lose their will when the ring is destroyed). As they were not of Iluvatar their will and strength was not as great as the First- or the Second-born; their strength is in their numbers, and they are easily swayed by fear; they are not defiant to their overlord.
In summary, Orcs are not Elves, but were designed in the anti-likenss (for lack of a better term) of them. They were not immortal, but could have been perceived as immortal.
One final note, in the earlier versions of Sim, Elves who were captured by Melkor were not physically twisted to evil (unless they were already evil at heart, ie Maeglin), but were tortured and their wills were bound to Melkor's, which continually led them astray. This caused a general distrust by the Noldor to any of their brothers who escaped from Angband.
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