Considering the format and that the stacks would be even if he had lost the hand and Hellmuth would still have to win from there and then again, I don't mind the loose call. In a regular tournament without the 2/3 element (or if Mike was the one down a round), I wouldn't like the call one bit.

He has "equity" in the reliance of having a 3 round if cards fail him. Plus, in heads up, chip swings are huge. If he folds and Hellmuth is still short, one double up would give Hellmuth a huge lead. The 20% to win there, plus the maybe 60% (debatable) percent chance he has at winning the round, and 60% chance for the round after that give him at least an 85%~ win rate by gambling there to put it in perspective. Now if he doesn't call and has, say a 70% chance to win that round, the math would still fall short for his chances. It's just playing the format for the overall win and because of the format, despite it being a bad call in a shootout, here it just makes sense to me.