A shareholder of Silverleaf Resorts has filed in a derivative complaint that the company is being sold extremely cheap to Cerberus Capital Management. This follows an unfair acquirement process that involves almost $94.4 million in that according to the complainant "blatantly and significantly undervalues Silverleaf at a mere $2.50 per share."

The complainant, who filed an appeal with the Dallas County Court, explains that "Silverleaf's value - the representation by the company reported its book value at $5.47 per share." The Dallas-based company (listed on the Nasdaq as SVLF) is in charge of operations and marketing of 13 timeshare resorts in Florida, Massachusetts, Georgia, Illinois, Missouri and Texas. On Friday, its shares closed at $2.46 a share, a 52-week high, after trading as little as a third of the same value the previous year.

The plaintiff Shaun Stacks says that the company's director-defendant J. Richard Budd III has been an employee of Cerberus for a long time. Stacks says that Budd had inappropriately handed over insider information about Silverleaf to Cerberus.