A major corporate control dispute has emerged at tokenized real-world asset platform Ondo Finance following the death of founder Nathan Allman earlier this year. His estate has accused former President and current CEO Ian De Bode of attempting to take control of the company improperly while the estate’s voting rights remained temporarily unresolved during probate proceedings.
Three separate filings submitted to the Delaware Chancery Court have asked a judge to decide who has legal authority over Ondo Finance and to prevent major corporate decisions until the leadership dispute is settled.
The legal battle focuses on events that unfolded shortly after Allman’s death in May.
The complaint states that Nathan Allman passed away while serving as Ondo’s CEO, only director, and controlling shareholder. His voting rights then transferred to his estate, but those rights could not be exercised immediately until his mother, Kathleen Allman, was officially appointed as the estate’s personal representative through Hawaii probate proceedings on June 26.
The public court documents have removed details about the size of Allman’s voting ownership and the circumstances surrounding his death.
According to the estate’s allegations, De Bode took control of the company before the probate process was completed by claiming that Ondo’s bylaws automatically made him CEO. The complaint alleges that he appointed himself as the sole director through a voting agreement and moved forward with corporate decisions, including hiring advisors, approving employee performance awards, and attempting to appoint an additional board member.
The estate argues those actions were invalid because Ondo’s bylaws required the board to formally approve any replacement for the CEO position.
After receiving authority to vote the estate’s shares, Kathleen Allman initially attempted to manage a cooperative transition rather than immediately remove De Bode, according to the filings.
In emailed comments to CoinDesk, Ondo Finance CEO Ian De Bode said the lawsuit was unfortunate and argued that it was not in the best interests of the company, shareholders, employees, or the broader Ondo ecosystem.
De Bode stated that the board had made efforts to work constructively with the Allman estate and maintained that the claims against him had no merit. He added that Ondo continues to have backing from major stakeholders, including leading investors and the Ondo Foundation, while the leadership team remains committed to advancing Nathan Allman’s vision of a more open and accessible financial system.
The complaint claims Kathleen Allman later appointed herself to the board, introduced a temporary governance policy to allow normal business operations to continue, confirmed De Bode’s role as president, and requested basic company information, including a shareholder registry, while attempting to cooperate with management.
The estate alleges those efforts broke down when De Bode and Ondo’s external legal advisors refused to acknowledge her authority or provide the requested corporate documents.
Following the dispute, Kathleen Allman expanded the board, appointed additional directors, and during a July 24 board meeting voted to remove De Bode from all company roles. She also appointed herself board chair and interim CEO.
The filings describe Kathleen Allman’s leadership role as temporary, stating that her goal is to restore stability, maintain uninterrupted operations, and allow the board to conduct a search for Nathan Allman’s permanent successor.
The estate has requested an expedited court decision, arguing that uncertainty over company control could create complications involving contracts, spending decisions, equity distributions, and other major corporate matters.
The court has not yet made any determination regarding the allegations, and the filings represent only the estate’s account of the dispute.
In a separate statement, Ondo’s board said it remains committed to Nathan Allman’s belief that blockchain-based markets represent the future of finance. The board added that it is focused on supporting the community, maintaining business continuity, and finding a successor to lead the company forward.
Earlier this week, Ondo Finance announced the appointment of former Blockchain.com executive Adam Schlisman as its new chief financial officer.
About The Author
More Stories
U.S. Labor Market Weakens as July Payrolls Drop by 23,000, Challenging Fed Rate Outlook
Bitcoin Stalls Below $65K as Rising Middle East Tensions Weigh on Markets
Coldcard Hack Triggers Massive Bitcoin Movement as 210K BTC Leaves Long-Dormant Wallets