The RAIT Financial Trust board prescribed certain steps that the company should take following the conclusion of a strategic and financial alternative review process.

These steps include discontinuing RAIT's lending business and implementing other steps to reduce costs within its other operating businesses; continuing the process of selling the company's property portfolio while managing their existing commercial real estate loan portfolio; and engaging a financial adviser to assist the company during this process.

The board found that the review did not identify a suitable strategic or financial transaction with another counterparty that was preferable to taking these steps.

The review covered refinements of RAIT's operations or strategy; financial transactions, such as a recapitalization or other change to the company's capital structure; and strategic transactions, such as a sale of all or part of the company.