One of our much-appreciated colleagues told us he just witnessed Phil Laak losing all of his chips. According to our colleague, the cutoff raised to 5,000 and Laak three-bet on the button to 15,000. The small blind cold four-bet shoved all in and the big blind and initial raiser both folded.
Laak called with and was up against . Unfortunately for Laak, a jack hit the flop and river and he could start packing his things.