Odds are always applicable
This is the kind of reasoning that lets them get away with cheating. Oswald Jacoby was a mathematician, an actuary, and possibly the greatest bridge player in the world. He once wrote (in Jacoby On Gambling) that if a coin came up heads ten times in a row he would look at the coin, and if it came up heads twenty times in a row he would look at the coin tosser. Bear doesn't say twenty, he says 28 -- 256 times less likely on a coin toss. And THIS ISN'T EVEN A COIN TOSS. Odds of a loss are under 50% on a random hand.
The odds are overwhelming that he was cheated, unless you think the a priori odds on a random hand are less than a thousanth of a percent -- which would be ridiculous. Cheating isnt that hard. People aren't that honest.
I don't think the odds are applicable in LV Bear's case.
Remember, we're talking about the worst memorable beating a player has had in a few decades of play. It's bound to happen. And when finally does happen, you can't automatically say "yeah, he was cheated."
I'm not saying he was or wasn't cheated. Certainly the odds he was cheated are not insignificant. What I am saying is he still was probably NOT cheated.