You didn't give the specific blinds for the hands (but you said they would be at 75/150 at that pointin another spot, so well go with that)...
You are "about even", so 1000-1200 somewhere in there?
You 75 blind
BB 150 Blind
Button 450 total?
675 in the pot
you raise to say 1100 total
thats 1775 in the pot with the chip leader (BB) to call 950 and the SB to call 650 to stay in the hand.
IMO, there is a good chance the BB will not have a good enough hand to stay in with a raise and reraise (especially since he has to worry about the 2nd place guy, who could really put a dent in his lead).
BUT, the Button (unless you felt he would steal with ANYTHING) probably had something...low suited connector, Ax, etc. so, he is getting 2.5:1 to call (while only risking 1/3 - 1/4 of his stack.
I don't dislike the play, but I think it was likely to assume it would NOT steal the blinds, and you would be called by the button unless they had a crap hand. I agree, you were in a fold, all-in (,maybe call?) situation...there was no raise other than all-in that made sense.
If the Button didn't have you covered 3+ x, this would be a MUCH stronger play, IMO, since they would be less likely to call all THEIR chips with some of those drawing hands that might have been worth it for the bigger stack.
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