Ondo Finance Founder's Estate Challenges CEO in Delaware Court

The conflict ignited on July 24, when Kathleen Allman filed a complaint asserting her authority as the personal representative of her son’s estate. Following Nathan Allman’s death in May, the estate claimed control over his voting shares, which Kathleen used to appoint herself as sole director and later remove De Bode from all operational roles. She also moved to install Tahnee Towill, her daughter, to the board.

De Bode rejects these actions, labeling the estate’s claims as meritless. He maintains that he remains the lawful chief executive, supported by key investors and the Ondo Foundation. As of early August, the company’s official website continues to list De Bode as the leader, creating a public contradiction between the estate’s declarations and current management’s stance. The Delaware Court of Chancery is now tasked with determining the validity of the estate's written stockholder consent and the legitimacy of the recent board restructuring. While the litigation unfolds, the dispute casts uncertainty over the firm's governance, particularly regarding who possesses the legal standing to authorize contracts, spending, and major corporate decisions during this transition.