Here is another reason to go all in with AKo in late position:

Party Poker No-Limit Hold'em Tourney, Big Blind is t30 (10 handed)

saw flop|saw showdown

CO (t365)
Hero (t715)
SB (t505)
BB (t740)
UTG (t1905)
UTG+1 (t215)
UTG+2 (t1160)
MP1 (t845)
MP2 (t960)
MP3 (t590)

Preflop: Hero is Button with , .
1 fold, UTG+1 calls t30, UTG+2 calls t30, 1 fold, MP2 calls t30, MP3 calls t30, CO calls t30, Hero raises to t90, 2 folds, UTG+1 calls [t185] t30, UTG+2 calls t185, MP2 calls t185, MP3 folds, CO folds, Hero folds.

Flop: (t655) , , (3 players)
UTG+2 checks, MP2 checks.

Turn: (t655) (3 players)
UTG+2 checks, MP2 checks.

River: (t655) (3 players)

Final Pot: t655

Results:
UTG+1 has 3d 3c (two pair, eights and threes).
UTG+2 has Qc Qs (two pair, queens and eights).
MP2 has Ad Tc (one pair, eights).
Outcome: UTG+2 wins t655.

Maybe I should have gone all-in after the re-raise (instead of folding) but I figured that one of the three callers might actually have something (which he did: QQ).

You have another option, namely just calling the reraise. With such action I'm pretty sure that at least someone has a pocket pair. Also, it is likely that there are some aces out, so that you have less outs to hit. The minimum reraise by UTG+1 really smells like a decent pocket pair, and it is unlikely that he is going to fold to an allin (otherwise he wouldn't have reopened the betting). If you move in, you can be pretty sure to be at best a coinflip. For all you know, UTG+1 could have AA or KK and you are behind. It is still early and completely unneccesary to take on a coinflip for your stack.

But you have good odds to call the reraise: it's T95 to call for a T655 pot. If you miss you just fold. If you hit then you're in good position to double up.

Folding is not a disaster here, but in general I think you pass on a good opportunity.

Pieter

Pieter beat me to it again...Folding is NOT a huge mistake here...Going all-in would be IMHO...I am not saying never go all-in with AK, just that you want to be the one controlling the show, and more than likely, in the latter stages of the tourney...