A corporate power struggle has developed at tokenized real-world asset platform Ondo Finance after the death of founder Nathan Allman, with his estate accusing CEO Ian De Bode of attempting to assume control of the company without proper authority while the founder’s voting rights were temporarily unavailable during probate proceedings.

Three separate petitions filed with the Delaware Chancery Court are seeking a ruling on who has legitimate control over Ondo Finance. The estate is also requesting restrictions on major company actions until the dispute over governance is resolved.

The conflict began shortly after Allman’s death in May.

The estate’s complaint states that Allman died while holding the roles of Ondo’s CEO, sole director, and controlling shareholder. After his death, his voting power transferred to his estate, but it could not be exercised until his mother, Kathleen Allman, was officially appointed as the estate’s representative through Hawaii probate proceedings on June 26.

The public court filings have withheld information about the size of Allman’s controlling stake and the circumstances of his death.

The estate alleges that before probate was completed, De Bode claimed he automatically became CEO under Ondo’s bylaws. It further claims he used a voting arrangement to appoint himself as the company’s sole director and began making corporate decisions, including bringing in advisors, approving employee incentive grants, and attempting to appoint another board member.

According to the complaint, those moves were unauthorized because Ondo’s bylaws required formal board approval to fill the vacant CEO position.

After receiving legal authority to vote the estate’s shares, Kathleen Allman initially attempted to pursue a cooperative transition instead of immediately removing De Bode, according to the filings.

De Bode rejected the allegations, telling CoinDesk that the lawsuit was unfortunate and not beneficial to Ondo, its shareholders, employees, or the broader ecosystem. He said the board had made efforts to work constructively with the estate and argued that the claims against him were without merit.

The CEO added that Ondo continues to have support from important stakeholders, including major investors and the Ondo Foundation. He said the company remains committed to expanding Nathan Allman’s vision of creating a more open and inclusive financial system.

The estate claims Kathleen Allman later joined the board, introduced temporary governance measures to keep regular operations running, reaffirmed De Bode’s position as president, and requested basic corporate records, including a shareholder list, while seeking collaboration.

However, the filing alleges those efforts failed after De Bode and Ondo’s external legal advisors refused to recognize her authority or provide the requested company documents.

Following the dispute, Kathleen Allman expanded the board, appointed additional directors, and during a July 24 meeting voted to remove De Bode from all company roles. She was also named board chair and interim CEO.

The estate described Kathleen Allman’s leadership as a temporary arrangement designed to restore stability, maintain business operations, and allow the board to find Nathan Allman’s permanent successor.

The estate is seeking an expedited court decision, warning that uncertainty over company leadership could create challenges involving contracts, spending approvals, equity issuance, and other corporate matters.

The court has not yet issued a ruling, and the claims made in the filings represent only the estate’s side of the dispute.

Ondo’s board said in a separate statement that it remains committed to Nathan Allman’s belief that blockchain-based markets will play a major role in the future of finance. The board said its focus remains on supporting the community, maintaining operations, and finding a successor who can continue the company’s growth.

Ondo Finance also recently announced the appointment of former Blockchain.com executive Adam Schlisman as chief financial officer.