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The money bubble burst Tuesday at the 2012 World Series of Poker Europe Main Event Tuesday as the field was narrowed from 77 players to just 24. Leading the final three tables is 2010 November Niner Joseph “subiime” Cheong, who started Day 2 in 9th place. He goes into Day 3 with 1.381 million chips, 300,000 ahead of the second place competitor, Paul Tedeschi.

It is a strong remaining field at the Majestic Barriere in Cannes, France, as a number of well-known players are still battling for the title. Jason Mercier, currently ranked 2nd in the Global Poker Index, sits in 5th place with 824,000 chips. Phil Hellmuth, the World Series of Poker’s all-time leading bracelet winner, is in 6th place (741,000 chips) and gunning for his 13th gold bracelet. Liv Boeree starts Day 3 in 14th place (411,000), while a popular personality from the poker boom, 2005 WSOP Main Event runner-up Steve Dannenmann, sits in 15th place (390,000).

At the bottom of the standings are such names as Scott Seiver in 19th place (251,000), David Benyamine in 21st place (217,000), and Andy Frankenberger in 22nd place (186,000).

The chip leader going into Day 3, Sergii Baranov, had a shot to lead at the end of the day, as well, but came up just short. He took the chip lead as the clock was ticking down on the night but then gave the 200,000 chips he won right back just 20 minutes later. On the final hand of the night, Cheong over 200,000 at risk himself, but his opponent, Curt Kohlberg, ran out of time after the clock was called, and Cheong scooped the pot, clinching the chip lead at night’s end. Baranov is still in great shape to start Day 4, though, as he is in 3rd place with 1.055 million chips.

Cheong may have had a gigantic lead had it not been for one of the biggest hands of the tournament. Shortly before Baranov took his short-lived lead late in Day 3, Cheong called a pre-flop raise to 16,000 by Timothy Adams, as did Kohlberg and Stephane Albertini. Albertini, Adams, and Kohlberg checked the flop of 9♣-9♠-2♠, but Cheong came out with a bet of 30,000. Albertini called, but Adams then check-raised to 92,000. As if that wasn’t enough, Kohlberg decided to move all-in for 293,000. Cheong then announced he was all-in, as well.

As Ron Burgundy would say, “Boy, that escalated quickly. I mean that really got out of hand fast!”

Albertini and Adams folded and the two remaining men showed their cards: Kohlberg had T-9 for trip nines and Cheong had 2-2 for a flopped boat. The turn was the 4, changing nothing, but then the 4 was dealt on the river, giving Kohlberg a runner-runner full house that beat Cheong’s. Kohlberg took down the 784,000 chip pot, keeping his bracelet hopes alive while at the same time allowing him to finish the night in 8th place.

The World Series of Poker Europe continues Wednesday as the final table will be determined.

2012 World Series of Poker Europe – Day 3 Chip Leaders

1.    Joseph Cheong – 1,381,000
2.    Paul Tedeschi – 1,071,000
3.    Sergii Baranov – 1,055,000
4.    Christopher Brammer – 956,000
5.    Jason Mercier – 824,000
6.    Phil Hellmuth – 741,000
7.    Max Silver – 656,000
8.    Curt Kohlberg – 607,000
9.    Timothy Adams     – 577,000
10.    Joe McGowan – 518,000

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