Home STT Bubble Decision

[Zog]

This situation started a discussion at our home game last night:

There are three players left in a NL Holdem STT. Our structure only pays the top two. The blinds just went up to 500/1000. The player in the small blind is the huge chip leader with about 6000 chips. I'm in the BB with 920 chips - not enough to cover the blind. The Button has even less, about 560 chips.

He has a tough decision. If he calls and loses he's obviously out of the money. If he folds, the chip leader will certainly play, which gives him a low risk chance to be in the money, or at worst another shot at it.

Before the cards are dealt the button says " I think I should fold no matter what." After he looks at his cards he gets all agonized about not be able to lay it down. I kept my mouth shut and to avoid giving any information I didn't look at my cards. I was thinking that I wouldn't be playing in his postion unless I had a big hand.

Finally, he makes a decision and calls. The chip leader folds. I was expecting him to turn over a big pair and was surprised to he had A5s. I turned my cards over to see an ugly little 23o. Luckily for me for I caught a 2 on the turn and won the pot.

He rationalized that any A is a good hand here and that if he folded he would be all in on the next hand with probably a much weaker hand. True, but I'm not so sure the A5 was worth giving up two chances to be in the money. What would you do in his situation? And why?

Thanks