Former Notts County chairman John Armstrong-Holmes feels he was 'hoodwinked' into selling the club to Munto Finance in the summer.
The League Two side are reported to have been put up for sale by Munto just months after the buy-out, which came with the promise of huge investment and attracted former England manager Sven-Goran Eriksson and former England defender Sol Campbell to Meadow Lane.
The stated aim was to reach the Premier League in five years but the funds expected to come from the unknown investors behind Qadbak - of which Munto is a subsidiary - have failed to materialise.
Armstrong-Holmes told The Guardian: "I was told that Munto's backers, Qadbak Investments, were owned by hugely wealthy investors who would take Notts County to another level financially.
"Far from believing that the club is now on its way to climbing up the leagues and the bright future Qadbak promised, I am now dreadfully worried about what the future holds.
"I now feel as if I have been hoodwinked by Qadbak into agreeing to hand over the shares, because clearly the money has not been made available.
"And I bitterly regret, in hindsight, recommending the trust write off its loan, to which so many good, loyal Notts County supporters donated money."
The club's parent company was issued with a winding-up order earlier this year by HM Revenue & Customs.
And County's current executive chairman Trembling, who admits he does not know how much Qadbak investors are willing to put into the club, has responded to Armstrong-Holmes' comments.
"He will have done his own due diligence. If that wasn't satisfactory he should have said so. He was satisfied with the paperwork he saw at the time."