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Stock Market & Financial Investment News

News Breaks
January 14, 2013
17:45 EDTRASRAIT Financial announces full exercise of underwriters’ option
RAIT Financial Trust, announced that the underwriters exercised, in full, the option related to RAIT’s public offering of 9M common shares that closed on December 21 and which raised net proceeds of $49M for RAIT, after payment of the underwriting discount and estimated offering expenses. The option covers an additional 1,350,000 common shares and is expected to generate additional net proceeds of approximately $7.4M. The option closing is scheduled for Wednesday, January 16, 2013. RAIT intends to use the additional net proceeds to make investments relating to its business and for general corporate purposes.
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September 2, 2015
14:49 EDTRASRAIT Financial announces SEC approval of settlement concerning TCM
RAIT Financial Trust announced that the U.S. Securities and Exchange Commission has approved a settlement to resolve a non-public SEC investigation concerning Taberna Capital Management, RAIT's subsidiary. As previously disclosed, the investigation focused on exchange transactions conducted by TCM between March 2, 2009 and November 28, 2012 and on its receipt of approximately $15M of restructuring fees from issuers of securities held by Taberna securitizations relating to these transactions. TCM entered into the settlement without admitting or denying the allegations, and the settlement resolves all violations alleged by the SEC against TCM. Pursuant to the terms of the settlement, among other things, TCM paid $21.5M to the SEC. This amount is consistent with prior disclosure and RAIT recorded an expense for this amount during the third quarter of 2014. Scott Schaeffer, RAIT's Chairman and CEO said, "As previously disclosed, this settlement with the SEC deals with the legacy Taberna business which we exited in December 2014. The approval of the settlement by the SEC regarding TCM resolves this investigation."

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