Leadership conflict emerges at Ondo Finance following the founder's death.
Regulation & Gov ·
A governance dispute has emerged at tokenized real-world asset issuer Ondo Finance, with the founder's estate challenging the current leadership. After Nathan Allman's death in May, his voting stake passed into his estate pending formal probate proceedings. Former President Ian De Bode, now CEO, asserts he automatically assumed the top role under company bylaws and appointed himself sole director. Allman's mother, Kathleen Allman, became the estate's representative on June 26 and has contested De Bode's actions as invalid, alleging the bylaws required board approval to fill the CEO vacancy. Three Delaware Chancery Court filings seek judicial resolution of the control question.
Initially, Kathleen Allman pursued cooperation with De Bode, appointing herself to the board and reaffirming his role as president while requesting corporate records and a shareholder list. De Bode and the company's outside counsel declined to recognize her actions or provide the information sought. The estate then voted to remove De Bode and escalated the matter to court, asking the judge to determine lawful control and freeze extraordinary corporate actions pending resolution.
De Bode has called the lawsuit regrettable and claims Allman's allegations lack merit, noting the board has sought constructive engagement with the estate and retains backing from major investors and the Ondo Foundation. The filings have redacted both the size of Allman's original voting stake and details surrounding his death. The outcome of the Delaware proceedings remains uncertain.