Kathleen Allman, mother of late Ondo Finance founder Nathan Allman, is asking Delaware's Court of Chancery to hand her control of the company and strip Ian De Bode of his roles as chief executive officer and president. Her claims are laid out in a verified complaint reported by The Block on Aug 7. According to the filing, De Bode assumed the CEO position in the days after Nathan Allman's death without board approval, and also tried to make himself the company's only director. Kathleen Allman says she is acting as personal representative of her son's estate. On that basis, she argues she holds the controlling voting interest in Ondo and has the authority to reorganize the board of directors. The complaint seeks both the removal of De Bode and a reordering of Ondo's leadership and board structure. Allman's filing brings the fight over who controls the company after the founder's death into Delaware's Chancery Court, which is handling the dispute over corporate control and voting rights.
Mother of late Ondo founder challenges CEO in Delaware court
Kathleen Allman, mother of the late Ondo Finance founder Nathan Allman, has filed a verified complaint in the Delaware Court of Chancery, The Block reports. The filing asks the court to give her control of the company and remove Ian De Bode from the roles of chief executive officer and president.
Allman alleges De Bode assumed Ondo's CEO position within days of her son's death, without board authorization. She further claims De Bode attempted to make himself the company's sole director.
As personal representative of Nathan Allman's estate, Allman says she holds controlling voting power in Ondo. The complaint argues that this gives her the authority to restructure the board.
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