No, don't tell Cubist to shut up, I fully respect where he's coming from and he's exactly right. The offence of theft was made out, and any subsequent act isn't a defence (though it is mitigation).
I was posting purely based on exactly how I'd deal with this at work. If someone came through the door saying "Look, I've done this, I realise I've done wrong, how do I fix it" then I would have told them
1. You committed theft, quick bollocking and warning of the possible consequences
2. I'd then PERSONALLY contact the suppliers and tell them what had happened, that the offender was more than willing to sort it out and return the bike, and pass his details to them. If they couldn't be arsed to act, then that's not my problem, if they can, they get their bike back.
I'd then leave it to the two of them. I'd also point out this is well within Home Office Crime Recording practices, as we'd currently have an offender admitting a crime, but no victim making a complaint. If the company stated they weren't happy and the wished to make a formal complaint, then depending on any previous convictions I really wouldn't be looking to go further than a resolution to return the bike and make a donation to charity.
Obviously on the forum I'm not going to do the personal bit, so I suggested he do it.
However, to others I stress again, Cubist isn't wrong at all and doesn't deserve any insults or criticism. I could be open to some for suggesting its possible that he could keep the bike after being blatantly dishonest, but this turn of events would only happen my way after the company have realised that the are down a X hundred pound bike, know where it is, now how to get it back, and yet decide not to.