To my knowledge CLF is an insider because they hold more than 10% of the OS shares. Are the individuals on the board at Cliffs considered insiders? Not sure, but I assume there is some conflict of interest there. Now, a fund could be buying on CLF behalf, but then again it can't come back to CLF in any way, so that would be playing with fire IMO.

My guess is that someone realizes this is a decent investment at 10.5 cents and I would second that.