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About: Friday the 13th mini-crash     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:Sound107371293, within Data Space : dbpedia.org:8891 associated with source document(s)

Type: yago:WikicatStockMarketCrashesyago:Abstraction100002137yago:Clang107380144yago:Event100029378yago:Happening107283608yago:Noise107387509yago:PsychologicalFeature100023100yago:YagoPermanentlyLocatedEntityyago:Sound107371293 New Facet based on Instances of this Class

The Friday the 13th mini-crash was a stock market crash that occurred on Friday, October 13, 1989. The crash, referred to by some as "Black Friday", was apparently caused by a reaction to a news story of the breakdown of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines. When the UAL deal fell through, it helped trigger the collapse of the junk bond market. The deal unraveled because the Association of Flight Attendants pulled out of the deal when management, in negotiations over an Employee Stock Ownership Plan (ESOP) designed to fund the leveraged buyout, refused to agree to terms.