Nit calls pit

[DrewOnTilt]

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If he had returned one hand later than he did (ie if he missed exactly 1 orbit or exactly 2 orbits and came back right at his SB instead of his BB) would he be allowed to continue playing immediately without any extra posting?

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No, because you can't come into a game in the Small Blind. In this case he would have to wait until the button passed him and then post dead (BB and SB).