Strange situation occurred last Saturday in the Absolute 100k $215 buy in tourney, Mark Seif was all-in on his big blind ($500 bounty paid to the person knocking him out). Chip leader at the table is UTG and goes all-in instantly, theres about 200 people left in and 54 get paid, Im next to act and got dealt a lowly

and was left with a difficult decision (I was looking to double up and the $500 was very tempting). The rest of the table had been playing pretty tightly, but I had very little info on the guy UTG (he'd only just been moved there). I had a slightly below average stack of 11k, blinds were 150/300.
What are your thoughts?