Power struggle erupts at Ondo Finance after founder’s death
A legal battle has emerged at Ondo Finance following the death of its founder, Nathan Allman. The estate is challenging the current CEO's authority, claiming he seized control of the company without proper board approval.
Why it matters
Governance disputes in crypto startups can create significant uncertainty for investors and stakeholders regarding the company's future direction and asset management.
Three Delaware Chancery Court filings asked a judge to determine who lawfully controls Ondo Finance and to bar extraordinary corporate actions until the governance dispute is resolved.
The lawsuit centers on the period immediately after Allman's death in May.
According to the complaint, Nathan Allman died as Ondo's CEO, sole director and controlling shareholder, but his voting power became part of his estate, meaning it could not immediately be exercised until his mother, Kathleen Allman, was formally appointed personal representative through Hawaii probate proceedings on June 26.
The public filings have redacted both the size of Nathan Allman's voting stake and the cause of his death.
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