Core Viewpoint - Dan White, heir to one of Australia's largest real estate groups, faces allegations that his private lending company induced a developer to sign a loan agreement, leading to the project's bankruptcy [1][3]. Group 1: Legal Proceedings - Dan White testified in federal court regarding the allegations against him, denying any wrongdoing [3]. - The court is examining the bankruptcy of developer FSM, with no legal action taken against White personally [5]. - The examination is conducted by partners from Cor Cordis, appointed by the private lender Zagga, who is the second mortgagee of the project [6]. Group 2: Loan Details - Ray White Capital (RWC) organized a loan of AUD 27.4 million for the development project, which ballooned to AUD 37 million due to principal, fees, and interest, equating to the entire project value [6]. - Developer Frank Guo claimed to have received only AUD 420,000 to repay shareholder loans, despite an initial promise of over AUD 3 million [6]. - RWC's loan was expected to yield a return of less than AUD 5 million, or 1.18 times the principal, while other documents indicated a minimum return of AUD 11.9 million, creating a discrepancy of approximately AUD 7 million [8]. Group 3: Allegations of Collusion - The opposing lawyer accused RWC of colluding with the developer to ensure the loan amount consumed the entire project value, questioning the wisdom of the agreement [6][8]. - A preliminary creditor report suggested that RWC's loan could be viewed as an unreasonable director transaction, with evidence indicating the loan was in default from the outset [11].