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How are you going to "hang on for 2nd"? skierfitz is the one who might try to hang on. He could fold this round and you'd be all in next blind.

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Well, I guess you can figure BB is going to be getting 3-1 after posting, so he'll have to call w/ almost anything and may bust out, hence "hanging on for second." If both SB and BB fold, stacks look sorta like this next round:

Hero - 700 on button
skierfitz 400 after posting 250
Winner - 6500

And now you can hold for second some more.

Still, it's a bad fold because of what someone else pointed out - if you call, you'll probably win and have 2400 chips and a real shot at first. The difference between 2nd and 3rd is small, play for first.