Summary
- Kathleen Allman seeks court approval to replace Ondo leadership while claiming controlling estate voting authority over the company’s board structure.
- The complaint alleges Ian De Bode assumed leadership without board approval while withholding shareholder records requested by Kathleen Allman afterward unlawfully.
- Hawaii court appointed Kathleen Allman estate representative before reconstituted directors removed De Bode and installed replacement leadership internally afterward unanimously.
Kathleen Allman has asked a Delaware court to recognize her authority over Ondo Finance, opening a legal battle over the company’s leadership following the death of founder Nathan Allman. The filing challenges Ian De Bode’s position as chief executive and argues that the founder’s estate holds the voting power needed to appoint a new board.
Kathleen Allman, acting as the personal representative of Nathan Allman’s estate, claims she has a controlling voting interest in the company. She argues that this authority allows her to reconstitute Ondo’s board and replace its leadership. However, the public version of the complaint does not reveal the size of that voting interest. It also redacts the cause of Nathan Allman’s death.
De Bode dismissed the allegations and described the claims as meritless. He stated that Ondo retains support from key investors, the Ondo Foundation, and its broader ecosystem. Moreover, he said the leadership team remains committed to advancing Nathan Allman’s vision for the company.
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Complaint disputes how De Bode became chief executive
The complaint argues that Ondo had no active directors at the time of Nathan Allman’s death. It states that the founder occupied one board seat while the second position remained vacant. Consequently, Kathleen Allman argues that no executive could legally become chief executive without formal board approval.
The filing also alleges that De Bode began presenting himself as Ondo’s chief executive shortly after the founder’s death. Additionally, it claims he attempted to establish himself as the company’s sole director without proper corporate authorization.
Kathleen Allman further alleges that De Bode used company resources to pressure her into signing corporate documents supporting his leadership claims. She also claims Ondo refused to provide the company’s shareholder list and related contact information.
Estate expands board and removes De Bode
A Hawaii court appointed Kathleen Allman as the personal representative of Nathan Allman’s estate in late June. She later signed a written stockholder consent appointing herself as Ondo’s sole director before expanding the board to four seats.
She appointed Tahnee Towill, Nathan Allman’s sister, as a director. Gordon Liao also received an appointment but declined the role for reasons unrelated to the legal dispute.
According to the complaint, Kathleen Allman and Towill voted on July 24 to remove De Bode from his positions as officer, employee, consultant, and president. They also appointed Kathleen Allman as chair, chief executive, secretary, and treasurer. The filing states that De Bode and Ondo General Counsel Mark Janoff attended the meeting.
Both sides defend their authority
De Bode criticized the lawsuit, arguing that it does not serve the company’s interests. He added that the board has worked with the Allman estate in good faith and intends to maintain that approach throughout the dispute.
Meanwhile, representatives for the Allman-led board stated that they remain committed to Nathan Allman’s vision for expanding on-chain financial markets. They also said the company remains focused on supporting its employees, customers, and community while searching for a successor to the late founder.
The case places Ondo Finance’s corporate governance before the Delaware Court of Chancery. Its outcome could determine who ultimately controls one of the crypto industry’s leading real-world asset tokenization platforms while clarifying the authority of the founder’s estate over the company.
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