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@mooks
In the end there are just too many subjectives here - maybe he nicked it, maybe he didn't, maybe he only realised it was said nicked bike when someone confronted him, maybe he had nicked it and realised he was in the shit when someone confronted him about it.
In the end though, a nicked bike's still a nicked bike, and he was still handling stolen goods. He needs to be more careful in future - whatever his take on the situation.