The Ondo Finance succession crisis gets messier as Kathleen Allman’s daughter alleges ‘dementia’, alcoholism and reckless spending
The estranged daughter of 77-year-old Kathleen Allman has petitioned a Hawaiian court to establish a limited conservatorship to protect her parents’ share of her brother’s stake in Ondo.
The succession crisis at Ondo Finance in the wake of its young founder Nathan Allman’s recent death is getting messier, as Allman’s family wages a legal battle against acting CEO Ian De Bode, and now, against each other.
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.
In a statement to CoinDesk provided by her lawyers, Kathleen Allman denied the allegations in the petition, calling them baseless, and adding: “The petition in Hawaii has been filed by an associate of Mr. De Bode as a desperate next step after his attempts to wrest control of Ondo and wrongly enrich himself were declared invalid by the Delaware Court of Chancery. We are confident that this latest action will similarly fail. Kathleen has prioritized good governance from day one and will continue to focus on supporting the long-term success of Ondo while upholding the vision and values of her son Nate Allman.”