Ondo Finance hit by corporate control fight as founder’s mother seeks to oust CEO

According to the complaint, Allman appointed herself to the board, adopted an interim policy allowing ordinary business operations to continue, reaffirmed De Bode as president and requested basic corporate information, including a shareholder list, while expressing a desire to work collaboratively.

The estate said those efforts failed after De Bode and the company’s outside counsel refused to recognize her actions or provide the requested corporate records. Kathleen Allman subsequently expanded the board, appointed new directors and, at a July 24 board meeting, voted to remove De Bode from all company positions while appointing herself chair and interim CEO.

The filings characterize Kathleen Allman’s leadership as transitional rather than permanent, arguing that her objective is to stabilize governance while the board searches for Nathan Allman’s long-term successor and ensure the business continues operating without interruption.

The estate is seeking an expedited ruling because uncertainty over who controls the company could affect contracts, expenditures, equity issuances and other corporate decisions, the filings said.

The court has not ruled on the allegations, and the filings reflect only the estate’s version of events.

The Ondo Board of Directors said in a separate emailed statement that it “remains committed to our founder Nate Allman’s belief that onchain markets are the future of finance. We are focused on serving our community without interruption, and empowering our people to maintain our momentum, as we search for his successor.”