The Ajman sheikh who was thisclose to finalizing his buyout of Christian Lacroix failed to submit financing guarantees ahead of a big hearing in Paris this week. Lacroix and his CEO say they are confident in the sheikh, but his lawyers didn’t return calls from WWD Tuesday. This could be very bad, because Italy’s Borletti Group withdrew its bid in September. If the sheikh’s bid doesn’t go through, Lacroix stands to be reduced to a licensing operation, with many jobs lost. A judge will rule on Lacroix’s fate December 1, so the sheikh better get his act together. Paperwork is a bitch, but this is a storied 22-year-old fashion label we’re talking about here. If a 33-year-old can buy Escada, what’s this guy’s problem?