Jump Trading's subsidiary, Tai Mo Shan, is claiming that the FTX estate owes it $264 million over a loan involving 800 million SRM that Alameda never delivered. However, lawyers for the estate say that the claim is invalid because the loan was never initiated. The FTX bankruptcy estate is pushing back against the claim, arguing that the loan agreement was never fulfilled because Alameda did not deliver the SRM tokens as specified. The estate also alleges that Tai Mo Shan might have engaged in fraudulent transfers and that the Master Loan Agreement and Loan Confirmation provide that Tai Mo Shan would receive 800 million SRM tokens for no fee and no interest, which is questionable.