Blue Bird Corp (BLBD): Spitfire Capital Fires Letter To The Board, Still Opposes Takeover

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Page 2 of 26 – SEC Filing

CUSIP No. 095306106

1.

Name of Reporting Person.

Spitfire Capital LLC

I.R.S.
Identification Nos. of above persons (entities only).
51-0629606

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)    ¨

(b)    ¨

3.

SEC Use Only

4.

Source of Funds (See Instructions)

WC/OO

5.

Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e) ¨

6.

Citizenship or Place of Organization

Delaware, USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH
7.

Sole Voting Power

1,523,601*

8.

Shared Voting Power

0

9.

Sole Dispositive Power

1,523,601*

10.

Shared Dispositive Power

0

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,523,601*

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

(see instructions)    ¨

13.

Percent of Class Represented by Amount in Row (11)

7.3%*+

14.

Type of Reporting Person (See Instructions)

IA

* As of August 1, 2016, The Spitfire Fund L.P. (“Spitfire”),
The Spitfire Qualified Fund L.P. (“Spitfire QF”), Saunwin Domestic Equities Fund LLC (“Saunwin”) and ABA Stocks
LLC (“ABA Stocks”) owned in the aggregate 1,523,601 shares of Common Stock of the Issuer (“Shares”). Spitfire
Capital LLC (“Spitfire Capital”) is the investment manager of Spitfire and Spitfire QF as well as the investment manager
of separate investment accounts maintained by each of Saunwin and ABA Stocks in which such entities’ respective Shares referred
to above are held. As a result of the foregoing, Spitfire Capital possesses the power to vote and dispose or direct the disposition
of all the Shares owned by Spitfire, Spitfire QF, Saunwin and ABA Stocks that are referred to above. Thus, for purposes of Rule
13d-3 under the Act, Spitfire Capital may be deemed to beneficially own a total of 1,523,601 Shares.
+ Based on a total of 20,995,709 Shares outstanding as
of May 20, 2016, as set forth in the Issuer’s most recent Form 10-Q, filed May 23, 2016.

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