At first I thought you were just trying to justify a spew, but actually I think you played it OK.
The reason (reads aside) is that you do have at least 25% equity in a 3 way pot assuming UTG calls. If UTG folds, then you are talking the worst of it unless ace-high is good against MP laggtard.

It's pretty thin though - you almost never have >33% equity vs. 2 villians or >50% vs. laggtard (although there is $285 more dead money than the first case)