Kathleen Allman, mother of the late Ondo Finance founder Nathan Allman, is seeking control of the company and the removal of Ian De Bode as chief executive and president, according to a verified complaint filed in the Delaware Court of Chancery.
In the complaint, Allman alleges that in the days after her son's death, De Bode improperly held himself out as CEO of Ondo without board approval and attempted to install himself as its sole director. She further contends that, as personal representative of Nathan Allman’s estate, she holds a controlling voting interest in the company and has the authority to reconstitute its board.
The public version of the filing redacts the precise size of that voting interest and the cause of Nathan Allman’s death.
"Ms. Allman's claims are meritless, and that will come through clearly in court. The company continues to have the support of key stakeholders, including its lead investors and the Ondo Foundation," De Bode told The Block in an email on Thursday. "The current leadership team remains fully committed to Ondo, its clients, the Ondo ecosystem, and Nate's vision for a more open, inclusive financial ecosystem. We look forward to putting this matter behind us."
