Friday The 13th Mini-crash
The Friday the 13th mini-crash refers to the stock market crash that occurred on Friday, October 13, 1989. The crash was apparently caused by a reaction to a news story of the break-down 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 UAL 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 equivalent to those negotiated with other labor groups.
Read more about Friday The 13th Mini-crash: The Close, Survey
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... The market professionals also believed that the UAL story was just an attention grabber, with traders just trying to find a reason to sell ... Fifty percent believed that was the reason while 30 percent believed the news would reduce future takeovers ...
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