Like many on here we've seen this scenario in the commercial world before. Under the circumstances a resignation would show some integrity but Holloway ain't going to walk with a huge pay-off for early termination of his contract...he knows he's on his way out though.
As I observed when the story broke I'm sure MM will stand down as chairman on June 2nd, if not before, and the newly appointed Aldridge will pull the trigger and be responsible for the appointment of the new manager hence the delays and apparent indecision. Mandaric has a strategy and knows what he's doing albeit missing the Dowie opportunity last week.
Mandaric is painfully aware of his shortcomings in the recruitment of managers and will want to distance himself from the new appointment at least in a formal sense to ease the process and relieve himself of ultimate accountability for the new man. With his past history I don't think that's a bad idea.
As much as he's known for knee jerk reactions Mandaric is an experienced businessman and is carrying out a systematic and necessary review of the club. I actually sympathise with his predicament even though his inability to find the right manager is the root cause of his and Leicester City's problems.
I honestley believe that he felt ,like most of us, that Holloway had enough tactical and management experience to avoid the unthinkable prospect of relegation. His usual impatience and corrective decision making was diluted and delayed by Holloway's chummy style and optimism which appealed to him on a personal level and the unthinkable happened.
Give Mandaric some space and credit for attempting to do the right thing for our club but don't be surprised if Aldridges' primary goals next year are not only to acheive promotion but also sound out potential new owners for the club once this is secured.