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.
Campbell quit the club just one game into a five-year contract and director of football Eriksson could now follow suit unless a suitable takeover for the world's oldest professional club can be arranged.
Eriksson has been linked with being part of a management buy-out of the club involving executive chairman Peter Trembling, but it is believed that no discussions have taken place with Eriksson regarding such a move.
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."