According to Bradley, the Navy, and a few other accounts:
The TBF was on a glide-bombing run, which was a typical late-war tactic in a torpedo bomber. Instead of a nose diving attack, you took the TBF into the target on a straight-line, shallow descent at about 200 mph. In Bush's case, he was the third plane on a four plane sequential attack run on the radio bunker at the highest peak on Chichi Jima. Midway through his run, a Japanese anti-aircraft shell detonated below and in front of his engine nacelle. His wings were untouched. The anti-aircraft shell likely severed fuel lines and destroyed the oil cooler and oil tank upon detonation, and started a fire inside the engine compartment in the space under the cowling between the second row of cylinders and the oil tank up against the firewall. The spreading fire resulted in black smoke obscuring the control panel and filling the cockpit. His flight leader recalled that "you could have seen that smoke for a hundred miles." This occurred prior to Bush's bomb release. Bush remained on course, released his bombs, and scored hits, according to his flight leader's after action report. Upon release, he changed course from a northerly to a due-east heading (banking sharply right). A squadron mate (Lt. Milt Moore) pulled his own plane up to the side of Bush's smoking aircraft at the end of this turn, but noted that their engine seized just as he came abreast of their cockpit, and Moore blew right past them. They were at approximately 6,000 feet, and Bush's plane was dead stick.
The normal procedure for managing a damaged TBF was to a) nurse it back to the carrier, or b) water ditch if there was no fire, or c) bail out if there was a visible fire. Nursing the TBF back was not an option with a seized engine. Water ditching was a procedure that Bush had already successfully executed earlier in the war. However, the spreading engine fire was confirmed by Lt. Nat Adams, a San Jacinto F6F pilot assigned to provide cover for this mission. Adams followed Bush's Avenger from their high six, and observed the engine fire. "He continued his 200 mph dive on target and released. I could see his engine flame and then spread to the fuel tanks housed in the wings. As he leveled off and cleared the area, I followed him from above. His plane continued to spew black smoke. It was apparent that the shrapnel had severed a fuel line."
Once clear of the island, he conferred by radio with his flight leader regarding his status, then instructed his crew to bail out. He then added left rudder and dipped his right wing tip to ease slip stream pressure from the starboard side of the aircraft, so that the starboard radioman/bombardier's station door could be opened - the only egress point available to the turret gunner and radioman/bombardier while in flight. According to Bush he kept the plane in this attitude long enough for his crew to have gotten out. His altitude had dropped to 3,000 feet during this maneuver.
From Bush's regular turret gunner, Leo Nadeau:
"No one ever knew which one bailed out with Mr. Bush, I would assume it was Delaney, because as the radioman/bombardier, he would go out first to leave room for the turret gunner to climb down out of the turret and put his chute on. There wasn’t room in the turret for the gunner to wear a parachute. As a turret gunner, my parachute hung on the bulkhead of the plane near Delaney. We set up an escape procedure where he was supposed to hand me my chute and then jump, and then I was to follow him. The procedure took a couple of seconds. I felt bad that Delaney and Mr. White had died, I just had the feeling that had I been there, Delaney and I might have both made it out alive … that is, unless one of us got hit by AA. Delaney and I had practiced our escape procedure constantly. He might have stayed to help White get out of the turret and delayed too long. it’s one of those things that never leaves your mind."
According to Bush's flight leader, one crewman did exit before Bush, but his chute failed to open. This was presumably radioman/bombardier John Delaney, who would have exited first based on his station's position. The third crewman on the flight - Ted White - was normally the San Jacinto's ships ordinance officer, and not an air crew member. Ship's Ordinance Officer White had lobbied for and received permission from the squadron leader to join the flight just prior to the mission's departure. The plane he ended up crewing with was Bush's, and Leo Nadeau remained back aboard the San Jacinto.
Bush ultimately exited his cockpit, but was struck in the head by the tail of the aircraft, and briefly hooked his chute on the tail structure, resulting in a ripped chute. A nearby gunner (Richard Gorman) in a TBF noted that as Bush's chute blossomed out, the plane exploded.
