The death of Nathan Allman in May 2026 has left a leadership vacuum at the helm of Ondo Finance. During his lifetime, Allman held absolute control as CEO, sole director, and controlling shareholder of this leading real-world asset (RWA) issuer. His passing triggered a power struggle that is now being litigated in the Delaware Court of Chancery, where three legal documents have been filed to determine who has the right to take over the company.
The conflict erupted shortly after Allman’s death. Allman’s estate accuses Ian De Bode of exploiting the transition period to seize the leadership position. De Bode, who previously served as President, allegedly appointed himself as CEO and sole director. This action is claimed to have occurred through a unilateral voting agreement executed before the family’s probate process was completed.
Under his control, De Bode made several strategic decisions. The estate notes that he recruited new advisors, approved performance grants, and attempted to add an additional director to the board. These maneuvers are viewed as invalid by the Allman family and serve as the basis for their lawsuit.
The Mother’s Counterattack
A countermove came on June 26, 2026. The Hawaii probate court officially appointed the deceased’s mother, Kathleen Allman, as the personal representative of her son’s estate. This appointment granted her full voting rights over all of Allman’s controlling shares in Ondo Finance.
Armed with that authority, Kathleen immediately restructured the company. She expanded the board of directors and appointed new directors. This culminated at a board meeting on July 24, 2026, where the board voted to remove De Bode from all his positions. Kathleen then took over the leadership role as Chair and Interim CEO. To strengthen management, the company appointed Adam Schlisman, a former Blockchain.com executive, as the new CFO.
De Bode reacted strongly. He called Kathleen Allman’s claims groundless and expressed confidence that the truth would come to light in court. According to him, the lawsuit is unfortunate and is clearly not an action in the best interest of the company.
Why Must It Be Expedited?
The estate is now urging the Delaware judge to issue an expedited ruling. They worry that the uncertainty of control will paralyze business operations. The lingering legal status threatens Ondo Finance’s ability to approve contracts, manage expenses, and issue additional equity.
Amid this dispute, Ondo Finance’s board of directors is trying to calm market volatility. They emphasized that operations continue as normal and uphold the founder’s vision. The board stated they remain committed to Nathan Allman’s vision that on-chain markets are the future of finance.
Reported by CoinDesk.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
