Sam Bankman-Fried wants to maintain control of $450 million in Robinhood stock.

Sam Bankman-Fried is contesting a competing claim by the estate of the business he established and once operated, the insolvent cryptocurrency exchange FTX, and insisting that he should keep ownership of almost $450 million in shares of financial trading software Robinhood Markets (HOOD).

The 56 million stocks are the topic of a protracted legal dispute that also involves the defunct cryptocurrency lender BlockFi and the U.S. They are theoretically controlled by Bankman-Fried and co-founder Gary Wang through a parent company called Emergent Fidelity Technologies. Justice Division.

In a document submitted to the U.S. The shares have only been technically held by Emergent Fidelity, according to FTX, which is now managed by restructuring specialist John Ray III, and they should be held until they are fairly distributed among FTX creditors. Those in the Bahamas who were selling the corporation backed up its assertion.

In a court statement filed on Thursday, Bankman-Fried expressed opposition to that notion, claiming that he and Wang had lawfully acquired the shares using funds borrowed from FTX's trading arm, Alameda Research, and that the transaction was properly documented. In a separate court petition on Thursday, BlockFi—a lender that FTX last year tried to rescue before it too declared bankruptcy—opposed Bankman-effort Fried's to take control of the shares.

Bankman-Fried quit as FTX's CEO on November 11 in response to a CoinDesk story that revealed the abnormally close relationships among FTX and Alameda. This week, Bankman-Fried entered a not guilty plea to federal criminal allegations involving money laundering and conspiracy to commit wire fraud.

Emergent Fidelity, which is 90% owned by Bankman-Fried and 10% by Wang, was considered to be a shell business by FTX's new management in December since its objectives were “sufficiently identical” to those of the larger corporation. Ray has previously complained about poor record-keeping at FTX, in particular about personnel moves that go through without the necessary paperwork.

In any case, the pleadings acknowledge that the discussion may be irrelevant after a U.S. On Wednesday, the Department of Justice advised the court that the stocks were being seized as part of the government's legal action against Bankman-Fried.

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