Yes there was one trade at a dollar and change -- some dummy gave away 600 shares. Probably put them up at market.
The Ls are trading around $3.50 now.
At sub $2. I'd be gobbling these up right now. RBS has done its deal and though there may be bumps in the road better days lie ahead.
The market is reacting to the citi deal. Though in my opinion this was beneficial to the common holders. Even though they technically got diluted. A lot of the preference holdings ahead of them got moved down and are now in the same common equity boat with them. Also lots of dividen payments were eliminated.