Yahoo Finance show that Major Direct Holders hold some 7,441,139 between them and there hasn't been a SELL from them, since late December, 2005. In fact, they have actually "bought" in recent times.
And the above Institutions are still attempting to "buy all they can", as is obvious with a close watch of the course of sales, on Level 2 on a daily basis. Every "trick in the book" has/is being employed (by the MM's), to get whatever they can. ('shorting to themselves', said to be highly illegal, is obvious. Covering from one account to another is also obvious). And "shorts" are recorded as being down to just 280,635 shares; this figure may be even lower by now. Shorts are covering, if they are able.
Recent daily volume (in the last six days) has slowed to a shade over 40,000 per day and a lot of that is simply MM's pushing "them" back and forth from one account to another, moving the SP "up and down" with irrational "sharp" moves (with the latter type) designed to set off the odd trailing 'stop-loss' that can cause the unsuspecting to suddenly part with their shares.
If those "shorts" (280,635 shares) are genuine (the real McCoy type), they will be in trouble, IMHO. Just look at the above numbers a little closer. Institutions and Major Holders have (between them) 21,326,452. Add to this the 800,000 shares that trade on the ASX in OZ. And they are held pretty "tight" too of late, with daily trades down to a 'trickle'.
So when you take the combined (21,326,452 + 800,000) 22,126,452 from the total amount of issued shares (22,943,750) you have only 817,298 supposedly "free" shares, available to trade daily, that are held by ordinary shareholders. But they are NOT selling! So, with reasonable good news expected soon (including Looksmart's Q4 Report) those 280,635 shares "short" may very well be in a spot of bother.
Disclosure: Author is long LOOK.