Last night at the MEGA-GIANT-ENORMOUS-XXL £25
400/800/100 and we are now sat with 24kish (we were up to close to 40k but then Bash sat on our right

) I have been pretty active as normal to start but then tightened up. Anyway, this is all irrelevant really as our table breaks.
We move to a new 10-handed (DTD was busy) table, where everyone has a lot of chips it seems! We watch one hand before we are dealt in, and it goes mental both pre and post, though none of the following hand's villains are involved.
So the hand: UTG+1 limps out of about 50k, MP limps out of about 40k, folds to CO who raises to 3200.
We are on the button with

Frank Flanagan is in the SB with around 30k and the BB is a dude with close to 100k having won an abolsutely enormous pot last hand.
What are we doing and why?