The issue is as we are deleting the entire line which contains bullets, it doesn't delete the bullets. We are using server side AcceptTrackChanges() method and it keeps the background color of the deleted lines. 

ASPX

<telerik:RadEditor RenderMode="Lightweight" ID="RadEditor1" EnableTrackChanges="true" runat="server" Width="750px"
    Height="400px" ToolsFile="~/ToolsFile.xml">
    <TrackChangesSettings Author="RadEditorUser" CanAcceptTrackChanges="true" UserCssId="reU0"></TrackChangesSettings>
    <Content>
        <ol>
            <li>test
            <ol>
                <li>test2</li>
            </ol>
            </li>
            <li>test3</li>
        </ol>
    </Content>
</telerik:RadEditor>
<asp:Button Text="Get Content" OnClick="GetContent" runat="server" />
<br />
EditorWithoutTracking:<br />
<asp:TextBox runat="server" id="EditorWithoutTracking" TextMode="MultiLine" Width="1000px" Height="500px"/><br />
EditorWithTracking:<br />
<asp:TextBox runat="server" id="EditorWithTracking" TextMode="MultiLine" Width="1000px" Height="500px"/>

Codebehind

    protected void GetContent(object sender, EventArgs e)
    {
        EditorWithoutTracking.Text = RadEditor1.Content;
        RadEditor1.AcceptTrackChanges();
        EditorWithTracking.Text = RadEditor1.Content;
    }