Championship team Cardiff faced immediate threats from Motherwell to send in bailiffs to collect an alleged debt over last year's 175,000 pounds transfer of defender Paul Quinn.
Motherwell, who said Cardiff should not be in the transfer market until the debt was paid, also threatened to issue a winding-up order.
Chairman John Boyle told Sky Sports News: "We (Motherwell) have been put off, fobbed off and messed around since January.
"We have been respectful and persistent but we had no other option but to take Cardiff to court on Friday and they didn't even bother to turn up.
"We have no alternative but to take legal action and we will pursue it vigorously. We will consider issuing a winding-up order or literally sending bailiffs to their ground on a home match and collecting our cash," added Boyle.
"Our lawyers have been in communication with them and it will be resolved within the next seven days," said Jenkins.
"There's no ill feeling. I hope he does well, he's a top manager," former Liverpool, West Ham United, Newcastle United and Norwich City striker Bellamy told a news conference.
"I've come home, I don't mind dipping (down for) a year and hopefully leading this club into the Premiership."
Bellamy, who has scored 73 Premier League goals, also said promotion to the top flight "would be fantastic for the football club, the city of Cardiff and Wales."
Cardiff manager Dave Jones said: "Bringing Craig (here) is another big step in the development of this football club".
