Overview
- Nathan Allman died in late May and the company named longtime president Ian De Bode as CEO on June 1; a Hawaii probate court on June 26 appointed Kathleen Allman as personal representative of his estate and gave the estate authority over his voting power.
- Using that voting authority, Kathleen Allman expanded Ondo’s board and at a July 24 meeting voted to remove De Bode and appoint herself interim chair and CEO, actions the estate says were needed to stabilize governance.
- The estate filed three actions in the Delaware Court of Chancery asking a judge to declare which party lawfully controls Ondo and to bar extraordinary corporate actions while the dispute is resolved, and it has asked for an expedited ruling.
- De Bode rejects the estate’s claims as “meritless,” continues to appear as Ondo’s public CEO and says the company retains backing from lead investors and the Ondo Foundation, a position that has not yet been tested in court.
- The court’s decision will determine who can lawfully approve contracts, equity issuances and regulatory steps for Ondo, a prominent tokenized real‑world asset issuer, and observers say the outcome could affect investors, employees and ongoing SEC-facing work.