Is it now? Have we forgotten that it emerged out of bankruptcy. This industry went through a period of bankruptcy and take overs. Cedant purchased Fairfield, Trendwest, and may be other Timeshare Comapnies. Sunterra and Silverleaf entered into bankruptcy protection. At the Time only BXG,ILX, and Starwood remained as independent.
At $1 SVL was a steal, At $3 it is probably well valued relative to BXG. Give it time and it might make it back to a premium over BXG.