Local businessman O'Neill agreed to buy former chairman Eric Whalley's share in the club but had to set up a fundraising campaign in order to help pay off a £308,000 tax bill just weeks later.
And with the club staring down the barrel, having raised less than a third of the money with just six weeks to go until the club faces a winding up order, Shaw believes O'Neill should never have got involved without the required funds.
"If I was him and was looking at buying the club, I would have walked away from it knowing I didn't have enough money," he told the Lancashire Telegraph.
"We're working to save the club but offering to buy him out is not a consideration for us because the money would not be going to the club.
"We've made it clear to the club that if they are going to take us up on our offer (to pay off the club's entire debt if Stanley issue new shares) they would need to do so in the next one-and-a-half to two weeks because it's not like the money is just there in a bank in Accrington. It has to be transferred from the other side of the world."