Without the short stack who has an M <3, the bubble (this is not an sng based on the number of chips in play) and the huge (relatively) stack in the bb, a raise is clearly the best play, here I'm not so sure. I think he calls knowing he can pressure us a lot of time post flop. As it happens we're happy to get in now but a lot of the time he leads and we're calling it off ace high or giving up 20% of our chips.
If this is the case what hands are we raising with?
4 handed is no time to waste an ace when you've got 15 bbs. I don't mind the shove pre but this is never a pass.
If he calls our raise and we miss the flop we should still get it in. Chances are he's missed as well so we're probably ahead against a guy who's using his stack to good effect on the bubble. If we lose it's just meh.