The bankrupt CA-based inner city store has asked the court to replace its existing DIP facility from State Bank, which has declared a default and is now charging 11.5% interest on the loan, with a new loan of $5 million that will come from Anjum Sheikh, brother of the store’s principal, Sheikh S. Ellahi, and then seek an additional $10 million in financing secured by a Malibu residence jointly owned by the brothers that they value at $30 million with just a $3.7 million mortgage on it. The new financing would pay off the $4.0 million in outstanding obligations to ... Log in to view full article.