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Ondo Finance governance dispute erupts after founder Nathan Allman’s death
Delaware Chancery Court filings seek to keep Ondo from taking extraordinary corporate actions while a dispute over who controls the tokenization firm is resolved.
A governance fight has broken out at tokenized real-world asset issuer Ondo Finance after founder Nathan Allman died earlier this year, with Allman’s estate alleging former President and current CEO Ian De Bode improperly attempted to seize control.
According to CoinDesk, three Delaware Chancery Court filings ask a judge to determine who lawfully controls Ondo Finance and to preserve the status quo by barring extraordinary corporate actions until the dispute is resolved.
The estate says Allman, who was Ondo’s CEO, sole director, and controlling shareholder, left his voting power in probate, meaning it could not be exercised until his mother, Kathleen Allman, was formally appointed personal representative through Hawaii probate proceedings on June 26.
CoinDesk also reports that the estate alleges De Bode claimed he automatically became CEO under Ondo bylaws, elected himself as sole director through a voting agreement, and began corporate actions including hiring advisors, approving performance grants, and attempting to add another director; De Bode disputed the lawsuit, saying it is not in the interests of the company or its stockholders.