Control Dispute Emerges at Ondo Finance Following Founder’s Passing

Policy A significant conflict for leadership has erupted at Ondo Finance in the wake of founder Nathan Allman's death.

Legal Dispute Unfolds in Delaware Over Ondo Finance Leadership

By Will Canny, AI Boost| Edited by Nikhilesh De Aug 6, 2026, 9:59 p.m. 3 min read

Three recent court filings in Delaware have brought to light a struggle for control of Ondo Finance, following the death of founder Nathan Allman. The estate of Allman claims that former President Ian De Bode has unlawfully taken charge of the company.

The legal action, initiated in Delaware Chancery Court, seeks clarification on who rightfully governs Ondo Finance and aims to halt any significant corporate actions until the dispute is resolved.

This legal battle began shortly after Allman’s passing in May. At the time of his death, he held the positions of CEO, sole director, and controlling shareholder of Ondo. The voting rights associated with his shares passed to his estate, which meant they could not be exercised until his mother, Kathleen Allman, was appointed as the personal representative during probate proceedings in Hawaii on June 26.

The court documents do not disclose the specifics of Nathan Allman’s voting stake or the circumstances of his death.

According to the estate’s allegations, before the probate process was finalized, De Bode asserted that he automatically assumed the role of CEO under Ondo's bylaws, unilaterally elected himself as the only director via a voting agreement, and initiated various corporate actions, including hiring advisors and approving performance grants. The complaint contends that the bylaws mandated board approval to fill the CEO position, rendering his actions invalid.

Initially, after gaining the right to vote the estate's shares, Kathleen Allman aimed for a smooth transition instead of swiftly removing De Bode, as indicated by the filings.

“Kathy Allman’s decision to file a lawsuit is regrettable. This course of action is clearly not in the interests of the company, its stockholders, the team, or the Ondo ecosystem. The board has worked diligently to engage constructively with the Allman estate to date and will continue to do so going forward,” stated Ian De Bode, CEO of Ondo Finance, in an email to CoinDesk.

“Importantly, Ms. Allman's claims are meritless, and that will come through clearly in court. The company continues to have the support of key stakeholders, including its lead investors and the Ondo Foundation. The current leadership team remains fully committed to Ondo, its clients, the Ondo ecosystem, and Nate's vision for a more open, inclusive financial ecosystem. We look forward to putting this matter behind us,” he added.

The estate claims that Allman was able to appoint herself to the board, implement a temporary policy allowing regular business operations to proceed, reaffirm De Bode as president, and request essential corporate information, like a shareholder list, while indicating her willingness to collaborate.

However, these efforts reportedly fell short when De Bode and the company’s external counsel did not recognize her actions or provide the requested corporate documents. Kathleen Allman later expanded the board, appointed new directors, and during a board meeting on July 24, voted to remove De Bode from all positions while taking on the roles of chair and interim CEO herself.

The documents describe Kathleen Allman's leadership as transitional, emphasizing her goal of stabilizing governance while the board seeks a permanent successor for Nathan Allman and ensures the continuity of business operations.

The estate is requesting an expedited court ruling, as the uncertainty surrounding company control could impact contracts, expenditures, equity issuances, and other corporate decisions, according to the filings.

The court has yet to make a ruling on the allegations, and the filings reflect only the estate's perspective on the situation.

In a separate statement, the Ondo Board of Directors affirmed its commitment to Nathan Allman's vision that on-chain markets represent the future of finance. They are focused on serving their community without interruption and empowering their team to maintain momentum as they search for a successor.

Earlier this week, the company announced the appointment of Adam Schlisman, a former executive at Blockchain.com, as its new chief financial officer.

Read more: Ondo Finance hires former Blockchain.com CFO Adam Schlisman