Ivan Demidov has the button in Seat 7. Dennis Phillips limps in from under the gun. All fold to Demidov, who raises to 1,025,000. Both blinds get out of the way, allowing Phillips to quickly reraise to 3.525 million. Phillips keeps his gaze firmly planted on Demidov as the young Russian tries to figure out what his next move should be. He seems to be talking to himself. His lips are moving but we can't make out what's being said.
Whatever it is, he decides to put out a big raise of his own, making the price to see the flop a staggering 8.225 million. These are two big stacks going to war, each daring the other one to blink first. Demidov now is sitting silently behind his towers of chips, eyes cast down at the rail in front of him. Phillips is riffling chips with his right hand. After thirty seconds, he makes the call!
Each player has committed over a third of his stack to see a flop of . With the blinds and antes, more than 17 million chips are up for grabs. Demidov has position and his Phillips covered.
Phillips is now the one whose lips are moving soundlessly. Demidov remains a statue, staring at the rail. Phillips leads out with a relatively small bet of 4.5 million. Demidov takes a deep breath and then announces, "I'm all in." Half of the players get up and walk away from the table while Demidov's stack is counted down. It's 9.395 million more back to Phillips, which is more than he has. Demidov has Phillips covered by about 800,000. It would seem Phillips can't call without anything but a monster.
Phillips seems to reach the same conclusion. He folds! Demidov is now the far-and-away chip leader with 35,875,000. It's a huge blow for Phillips, who now has less than 9 million chips.