Just performed some testing to attempt to simulate an older firmware version on the Legacy base (pre 1.52).
Now, I did not want to attempt to flash very old firmware to my base, but I did have both a Base1L (Blue) and older original TMCC base.
If you just have the PDI power cable and the SER2 plugged in- all by itself, you get the red solid LED on the SER2.
If you plug the 9 pin serial portion of the cable into a proper firmware version Legacy base, you can see the LED blink a fast communication sequence when first plugged in, and then go out- followed by a steady blink of the RED activity LED on the base.
If you unplug the PDI 9 pin serial from the base, the red LED on the SER2 goes back solid.
If you then plug it into an older TMCC base, the RED LED remains lit on the SER2, however, the red activity LED on the TMCC base blinks a steady 1 second flash rate- meaning the SER2 is attempting to communicate with the base, the cabling is working, and the base sees that status check "command" but since the firmware is so old and doesn't support this handshake- the SER2 is not getting the expected response.
Again, I would first check and know what your current 990 Legacy set, Base and Remote, what their firmware versions are. If they don't have the latest firmware and are below version 1.52 on the base- then it may not know to send the handshake to the SER2.
https://www.lionelsupport.com/legacy-control-software
Legacy update video https://www.youtube.com/watch?v=gWuBnt-afNc
https://www.youtube.com/watch?v=OqkVUcQq51I
Again, you should be able to check the function of the PDI power and serial cable using your TMCC base. The SER2 LED won't go out, but the base will indicate it is getting serial commands from the SER2 at about every second a quick flash of the red LED on the base.