It is "hard to know which company is closer to omnishambles" -- Scottish Championship side Rangers or Daniel Stewart Securities, the club's "nominated financial adviser, or nomad," according to Kate Burgess of the FINANCIAL TIMES. Just as the Ibrox club "most needs its nomad's help, Daniel Stewart's best minds are desperately trying to find the cash to plug the hole in its own accounts." Neither company's woes are "surprising on their own." But together, they "create a mess that only exposes the risks of the Alternative Investment Market as an unregulated market." Last week Daniel Stewart admitted it lacked the "regulatory capital required by the Financial Conduct Authority, the top City watchdog." Almost simultaneously, Rangers "received a notice" from EPL side Newcastle Owner Mike Ashley, who "for reasons known only to himself" has built a 9% stake in Rangers. Ashley is calling for a meeting to "throw out" Rangers CEO Graham Wallace and Dir Philip Nash. Rangers must "hold its annual meeting by Christmas, when it will ask investors to stump up more cash to keep the club going." This is on top of last month's £3M ($4.8M) fundraising, which Ashley "refused to back" (FT, 10/12).
