'Pulling a Levante' is by definition placing all your egss in one basket and gambling everything on a sure bet, only for it not to turn out in a positive fashion. Made popular by a recent Spanish football match between Real Madrid and 'Levante' in which Levante were expected to lose heavily but acheived a creditable draw. Many individuals had placed high value bets on a Madrid win and lost it all.
John to Paul in observing their friend David at a bar - "David's been eyeing up the tall blonde in the corner all night but is playing it safe on the sure bet by approaching her less attractive mate next to her" "Oh no, she's turned him down and now he's blown it with either of them - Davie's pulled a Levante'