ANSWER: The man was caught cheating at cards, and was shot.
Well, I guess in my answer I was hoping "he" was only figuratively dead ... but I claim first dibs on recognizing the "bicycles" as playing cards :)
But Terry's really cheating here, as in any game where you're liable to get shot over the outcome, they wouldn't be playing with the joker, and the players shouldn't be so stupid as to introduce an extra ace ...
Also, your math is off as each of those cards seems to have TWO bicycles on it ...
I remember my senior English teacher putting that riddle on a test one time for bonus points. We all missed it, and we all thought she was insane. But we all felt stupid when she told us the answer! :o)