Reraise another 40k. You have check-raised which is usually an indication of strength and made the amount the exact amount that the button is sat with indicating that you know you have him beat and that you want to get heads up with him. Hopefully this show of strength will force everyone else who has checked to pass allowing you to be heads up with the button.
If his hand isnt that strong then chances are he will pass as he has only invested 12k of his 50k and still has enough chips to play with if he folds. If he has flopped a big hand such as a set or maybe a higher flush draw then at least you still have outs........
What do you do if you get re-raised by someone who had planned to check-raise with a geniune hand?
I think the reverse implied odds here mean that your position is bashing you around the head with a sledgehammer.
If i reraise 10k (say) the button may take me all in if it is folded around to him even if he has a draw. He may not have the greatest draw but he may decide that this would be a good time for him to shove his stack in and hope. If he has a hand he is not going to lay it down now that there is 45k in the pot and he has 40k. Also, if i do not reraise his stack (or almost his stack) then he will be given the hope that he could reraise me and i may fold.
If i do reraise and make it 50k to go and i get called i am in a world crap because i won't know where i stand and i will be forced to bet out on the following card no matter what.
Basically for me, this seems like one of those hands you chase and end up losing your entire stack to and then go home cursing yourself for playing poorly.
So far the hand has cost you 2k and you were forced to put 1k of that in anyway. I would throw it away.