The denial emerges as the company faces a complex legal standoff in the Delaware Court of Chancery. Following Allman’s death at age 32—which occurred without a will—control of his significant stake and voting rights became the subject of a probate battle between his estate, represented by his mother Kathleen Allman, and acting CEO Ian De Bode. Court documents confirm that litigation remains active, with a judge restricting major corporate changes while the parties contest the legitimacy of the firm's current leadership structure.
Despite the friction, Ondo continues to operate its tokenization business. The company recently debuted an institutional share-conversion service, allowing firms to bridge underlying assets into on-chain tokens via the Alpaca network. While the estate has challenged De Bode’s authority and a reported $11 million compensation package, the court has permitted the firm to conduct ordinary business. No public filings or banking records currently support the claim that an formal sale process has been launched.
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