0000919574-11-006682.txt : 20111207 0000919574-11-006682.hdr.sgml : 20111207 20111207160424 ACCESSION NUMBER: 0000919574-11-006682 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20111207 DATE AS OF CHANGE: 20111207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RAIT Financial Trust CENTRAL INDEX KEY: 0001045425 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232919819 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53667 FILM NUMBER: 111248657 BUSINESS ADDRESS: STREET 1: 1818 MARKET STREET 2: 28TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2158617900 MAIL ADDRESS: STREET 1: 1818 MARKET STREET 2: 28TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: RAIT INVESTMENT TRUST DATE OF NAME CHANGE: 20010227 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE ASSET INVESTMENT TRUST DATE OF NAME CHANGE: 19970904 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RIMA MANAGEMENT, LLC CENTRAL INDEX KEY: 0001328785 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 111 EAST 55TH STREET STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 514-281-8082 MAIL ADDRESS: STREET 1: 111 EAST 55TH STREET STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G/A 1 d1248924_13g-a.htm d1248924_13g-a.htm

 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*


Rait Financial Trust
(Name of Issuer)


Common Shares of Beneficial Interest, $0.03 par value
(Title of Class of Securities)


749227104
(CUSIP Number)


October 28, 2011
(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
[_]  Rule 13d-1(b)

[X]  Rule 13d-1(c)

[_]  Rule 13d-1(d)

__________
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

 
 
 


CUSIP No
749227104
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
 RIMA Management, L.L.C.
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Delaware
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
5,109,817
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
5,109,817
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
5,109,817
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
11.84%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
OO
  

 
 
 


CUSIP No
749227104
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Richard Mashaal
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
United States of America
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
5,109,817
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
5,109,817
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
5,109,817
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
11.84%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
IN
  

 
 
 


CUSIP No
749227104
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Senvest Master Fund, L.P.
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Cayman Islands
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
3,298,642
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
3,298,642
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
3,298,642
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
7.64%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
PN
  

 
 
 


CUSIP No
749227104
    

Item 1.
(a).
Name of Issuer:
  
       
   
 Rait Financial Trust
  

 
(b).
Address of Issuer's Principal Executive Offices:
  
       
   
2929 Arch Street, 17th Floor
Philadelphia, PA 19104
  

Item 2.
(a).
Name of Person Filing:
  
       
   
RIMA Management, L.L.C.
Richard Mashaal
Senvest Master Fund, L.P.
  

 
(b).
Address of Principal Business Office, or if None, Residence:
  
   
RIMA Management, LLC
110 East 55th Street
Suite 1600
New York, New York 10022
 
  
   
Richard Mashaal
c/o RIMA Management, LLC
110 East 55th Street
Suite 1600
New York, New York 10022
 
Senvest Master Fund, L.P.
c/o Goldman Sachs (Cayman) Trust, Limited
dba Goldman Sachs Administration Services
Gardenia Court, Suite 3307
45 Market Street, Camana Bay
P.O. Box 896
Grand Cayman KY1-1103
Cayman Islands
  

 
(c).
Citizenship:
  
       
   
RIMA Management, L.L.C.:  Delaware
Richard Mashaal:  United States of America
Senvest Master Fund, L.P.: Cayman Islands
  

 
(d).
Title of Class of Securities:
     
   
Common Shares of Beneficial Interest, $0.03 par value

 
(e).
CUSIP Number:
  
       
   
749227104
  


 
 
 


Item 3.
  
If This Statement is filed pursuant to ss.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a

 
(a)
[_]
Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78c).

 
(b)
[_]
Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c).

 
(c)
[_]
Insurance company as defined in Section 3(a)(19) of the Exchange Act (15 U.S.C. 78c).

 
(d)
[_]
Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

 
(e)
[_]
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

 
(f)
[_]
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

 
(g)
[_]
A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

 
(h)
[_]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);

 
(i)
[_]
A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

 
(j)
[_]
Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

 
Item 4.
Ownership.

 
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 
(a)
Amount beneficially owned:
     
   
RIMA Management, L.L.C.:  5,109,817
Richard Mashaal:  5,109,817
Senvest Master Fund, L.P.:  3,298,642

 
(b)
Percent of class:
     
   
RIMA Management, L.L.C.:  11.84%
Richard Mashaal:  11.84%
Senvest Master Fund, L.P.:  7.64%

 
(c)
Number of shares as to which the person has:
     

   
(i)
Sole power to vote or to direct the vote
    
     
RIMA Management, L.L.C.:  0
Richard Mashaal:  0
Senvest Master Fund, L.P.:  0
 
  


 
 
 


   
(ii)
Shared power to vote or to direct the vote
    
     
RIMA Management, L.L.C.:  5,109,817
Richard Mashaal:  5,109,817
Senvest Master Fund, L.P.:  3,298,642
 
  
   
(iii)
Sole power to dispose or to direct the disposition of
    
     
RIMA Management, L.L.C.:  0
Richard Mashaal:  0
Senvest Master Fund, L.P.:  0
 
  
   
(iv)
Shared power to dispose or to direct the disposition of
    
     
RIMA Management, L.L.C.:  5,109,817
Richard Mashaal:  5,109,817
Senvest Master Fund, L.P.:  3,298,642
 
  

Item 5.
Ownership of Five Percent or Less of a Class.

 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [_].
 
 
N/A
   

Item 6.
Ownership of More Than Five Percent on Behalf of Another Person.

 
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified.  A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
 
 
 N/A
   

Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

 
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary.  If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
 
 
 N/A
   

Item 8.
Identification and Classification of Members of the Group.

 
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group.  If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
 
 N/A
   


 
 
 


Item 9.
Notice of Dissolution of Group.

 
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity.  See Item 5.
 
 
 N/A
   


Item 10.
Certification.

   
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.


 
 
 


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 

 
December 7, 2011
   
   
 
RIMA Management, L.L.C.*
   
 
By:  /s/ George Malikotsis
 
Name:  George Malikotsis
 
Title:  Vice President
   
 
 
RICHARD MASHAAL*
 
 
/s/ Richard Mashaal
 
Name:  Richard Mashaal
 
 
 
SENVEST MASTER FUND, L.P.
 
 
By:  /s/ Richard Mashaal
 
Name:  Richard Mashaal
Title:  Director


*  The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interests therein.


 
 
 

EXHIBIT A

AGREEMENT


The undersigned agree that this Schedule 13G Amendment No. 1 dated December 7, 2011 relating to the Common Shares of Beneficial Interest, $0.03 par value, of Rait Financial Trust shall be filed on behalf of the undersigned.

 
RIMA Management, L.L.C.
   
 
By:  /s/ George Malikotsis
 
Name:  George Malikotsis
 
Title:  Vice President
   
 
 
RICHARD MASHAAL
 
 
/s/ Richard Mashaal
 
Name:  Richard Mashaal
 
 
 
SENVEST MASTER FUND, L.P.
 
 
By:  /s/ Richard Mashaal
 
Name:  Richard Mashaal
Title:  Director






 





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