NFFC - 5:35 pm on Jul 22, 2002 (gmt 0) <added> [btlooksmart.com...] some PR fluff
BT Looksmart is a joint venture between British Telcom and Looksmart [LOOK], they essentially share the costs of developement and the profits. Of course there are no profits, just losses. From memory if either party fails to meet it's financial obligations then the other can take back shares. The venture was started in 99/2000 with a $50 million loan from BT to L$ [at 20% interest :)] but has since been renegociated. Interestingly there is a option after Sept 2002 for either party to buy the other out at market price.
<added> [btlooksmart.com...] some PR fluff