A leadership battle has emerged at tokenized real-world asset issuer Ondo Finance following the death of founder Nathan Allman, with his estate accusing current CEO Ian De Bode of attempting to gain control of the company without proper authorization while ownership rights remained unresolved during probate.
Three filings submitted to the Delaware Chancery Court are asking the court to determine the rightful authority over Ondo Finance and restrict major corporate decisions until the governance dispute is settled.
The conflict began shortly after Allman’s death in May.
Court documents filed by the estate state that Allman died while serving as Ondo’s chief executive, sole board member, and controlling shareholder. His voting rights then transferred to his estate, but those rights could not be exercised until his mother, Kathleen Allman, was officially named personal representative through Hawaii probate proceedings on June 26.
The public versions of the filings do not reveal the size of Allman’s ownership stake or the cause of his death.
The estate alleges that before the probate process was finalized, De Bode claimed he automatically became CEO under Ondo’s bylaws. It further alleges that he used a voting agreement to install himself as the company’s sole director and carried out several corporate actions, including hiring consultants, approving employee performance awards, and attempting to expand the board.
According to the complaint, those actions were invalid because Ondo’s bylaws required board approval to appoint a replacement CEO.
After receiving authority to represent the estate’s voting interests, Kathleen Allman initially attempted to resolve the transition through cooperation rather than immediately seeking De Bode’s removal, the filings said.
De Bode disputed the allegations in a statement to CoinDesk, calling the lawsuit regrettable and arguing that it does not benefit the company, its shareholders, employees, or the broader Ondo ecosystem. He said the board had consistently tried to engage with the estate constructively and maintained that the claims would ultimately fail in court.
The CEO also said Ondo continues to have backing from major stakeholders, including key investors and the Ondo Foundation. He added that the leadership team remains focused on the company’s mission and Nathan Allman’s goal of building a more accessible and open financial ecosystem.
The estate claims Kathleen Allman later took steps to maintain business continuity by joining the board, creating temporary governance measures, confirming De Bode’s role as president, and requesting basic corporate documents, including a shareholder register.
However, the filing alleges those efforts were unsuccessful after De Bode and Ondo’s outside legal counsel refused to acknowledge her authority or provide the requested information.
The estate then expanded the board by appointing new directors and, during a July 24 meeting, voted to remove De Bode from his positions at the company. Kathleen Allman was subsequently appointed board chair and interim CEO.
The filings characterize her leadership role as temporary, stating that her purpose is to stabilize the company, preserve operations, and allow the board to search for a permanent successor to Nathan Allman.
The estate has requested a fast-tracked court decision, warning that uncertainty over control of Ondo Finance could affect important matters such as contracts, company spending, equity transactions, and other business decisions.
The court has not yet ruled on the dispute, and the allegations in the filings represent only the estate’s claims.
In a separate statement, Ondo’s board said it remains committed to Nathan Allman’s belief that blockchain-powered markets represent the future of finance. The board added that it is focused on supporting the community, maintaining momentum, and finding a suitable successor.
The company also recently announced the appointment of former Blockchain.com executive Adam Schlisman as its new chief financial officer.
