Telerik Script Registrar Error After Upgrading to ASP.NET MVC 4 Developer Preview

I recently installed the ASP.NET MVC 4 Developer Preview (which Microsoft says can be run side by side with other projects written in MVC 3 and not affect them).

When I proceeded to run a MVC 3 application which uses the Telerik MVC Extensions (version 2011.3.1115.340) I received an error with the razor engine:

Compilation Error

Description: An error occurred during the compilation of a resource required to service this request. Please review the following specific error details and modify your source code appropriately.

Compiler Error Message: CS1593: Delegate 'System.Action' does not take 1 arguments

Here is the razor source code:

@{ Html.Telerik().ScriptRegistrar().OnDocumentReady(
    @<text>    
    $('a[title]').poshytip({
        className: 'tip-yellowsimple',
        alignTo: 'target',
        alignX: 'center',
        alignY: 'bottom',
        offsetY: 5,
        slide: false,
        showTimeout: 0
    });
    </text>); 

How can I resolve this?

Resolution Update

The following info from the release notes worked for me:

Installing ASP.NET MVC 4 Developer Preview breaks ASP.NET MVC 3 RTM applications. ASP.NET MVC 3 applications that were created with the RTM release (not with the ASP.NET MVC 3 Tools Update release) require the following changes in order to work side-by-side with ASP.NET MVC 4 Developer Preview. Building the project without making these updates results in compilation errors. Required updates In the root Web.config file, add a new entry with the key webPages:Version and the value 1.0.0.0. In Solution Explorer, right-click the project name and then select Unload Project. Then right-click the name again and select Edit ProjectName.csproj. Locate the following assembly references: Replace them with the following: Save the changes, close the project (.csproj) file you were editing, and then right-click the project and select Reload.