Playing Small Set in Multi-Way Pot

[RotoJeff]

Long-time lurker, but this is the first time I've posted in a strategy forum. Please forgive me for noob-ish tendencies in the post, including forum selection.

---

$1/2 NL, $100 min buy-in, no max, at the Golden Nugget. It's about 5:00 a.m.; I had started playing at 1:00 or so, after driving in around 12:45 a.m. on Sunday night/Monday morning.

We had just combined two short tables about 30 minutes before, after having played 5-6 handed for the last 90 minutes or so, and now were 10-handed. I'm sitting in Seat 8, with $525 in front of me, up from a $200 buy-in. Sitting in seat 3 is an internet tournament pro ("MadTown Mel" - think he posts on pocket 5's - we'll call him MM) who has been on a major heater, with about $2000 in front of him - building that at the other table. He's raising nearly every pot, and calling down hands where there's three face cards on the board and he has pocket sixes, which naturally are good.

1. Anyhow, the hand in question, I'm in the SB, with 4h4c. MM raises to $8, with two callers before me. I call hoping to catch a set, and the BB also calls.

2. Five players to the flop, $40 in the pot pre-rake.

Flop comes 8s7h4s

I bet $12 - I should have bet more, but I definitely think when you're holding bottom set that you should bet out. As it turns out, the bet amount didn't matter. BB calls. MM min-raises to $24. Seat 4, an old codger (OC) who's having a bad day, pops it to $95, all-in. The other caller folds, leaving the action to me.

What do you do here? I'm pretty sure I have OC beat, so his $95 bet doesn't really phase me. However, the min-raise from MM is a concern. It's pretty hard to put him on a hand, so while it's possible he could have an overpair or two-pair, it's also possible he could be min-raising with the nuts or a higher set. There's $183 in the pot, with me facing an $83 call. What do you do here?

Obviously, I called, or there would be no point to this story. I don't think raising with bottom set is an option here, but maybe I'm wrong. I strong contemplated folding.

After my call, the BB pushes, for about $330 total. MM flat calls.

Now there's $890 in the pot, with me facing a $235 call. MM, who has me well-covered, tells me that I'm going to have to put the rest of my stack in on the turn anyhow, and starts talking about what cards he wants to see come on the ensuing boards - "high cards, no spades, etc..."

So, I think I'm now facing at least one player if not two with the current nuts - an 8-high straight, and I think OC has either TPTK or an overpair.

Do you think I have the odds to call, knowing that I'm behind, and knowing that the rest of my stack is also going to be committed on the next street, no matter what card comes? I think it comes down to whether one of the two bigger stacks has a set or not. If they have a straight or an overpair, I'm either getting the right odds or ahead. I decided to call.

Did I make the right decisions? If not, where did I err?