The Ondo Finance succession crisis gets messier as Kathleen Allman’s daughter alleges ‘dementia’, alcoholism and reckless spending
The succession crisis at Ondo Finance has intensified as Kathleen Allman’s daughter, Dr. Lani Clinton, and an investor have petitioned a Hawaiian court for conservatorship over her mother's estate, alleging dementia, alcoholism, and reckless spending. This follows the sudden death of founder Nathan Allman, leading to disputes over company control and executive compensation.
Why it matters
This case highlights the significant challenges and potential for conflict in managing estates and corporate control, particularly in the absence of a will, and underscores the governance issues that can arise in rapidly growing crypto startups.
Allman’s half-sister, Dr. Lani Clinton, and Ondo investor David Chen have petitioned a Hawaiian court to establish a limited conservatorship over Clinton’s 77-year-old mother Kathleen Allman’s share of the Ondo Founder’s estate, which includes a “controlling equity interest in Ondo Finance” and a “very large holding of ONDO tokens” including unlocked tokens and tokens that will unlock over the next three years.
Nathan Allman died suddenly and without a will at age 32 in May, leaving his estate — including his stake in Ondo Finance — in limbo. A probate court subsequently named his parents, Kathleen Allman and Lawrence Allman, his inheritors.
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