They did mention that if an offer comes their way that is more beneficial, they would accept it. Perhaps people are buying as a cheap gamble in case of that outcome? Or maybe they buy with the hope that uninformed people might drive the price up thinking it will bounce.
Common shareholders are in a world of hurt. If the company already said 'pennies' then that is probably the high end. The $4 million remaining on the books is probably already spoken for in terms of golden parachutes and juicy hourly fees for insiders and friends.