Ondo founder's mother sues to remove CEO in fight for control

The estate of late Ondo Finance founder Nathan Allman has taken the tokenization firm’s current chief executive to court in Delaware over a legal ownership dispute. 

A disputed leadership handover has left the company with two rival power centers and the estate is asking a judge to decide who legally runs the company. Until a judge rules, the legal standing of the company’s contracts, spending and share issuance is in doubt.

Who are the two rivals aiming to run Ondo Finance?

Three complaints were filed on the 6th of August in Delaware’s Court of Chancery by Kathleen Allman, the mother of the late Nathan Allman, founder of Ondo Finance.

When Nathan Allman died in late May at 32, he held three roles at once: CEO, sole director and controlling shareholder, according to the complaint. 

His death froze the company. His voting shares passed into his estate, so no one had the authority to exercise them, and with the single board seat empty, there was no director left to appoint a successor or call a meeting. 

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