First, the general rule for lost property is to turn it over to the cops, and if now one claims it after a certain period of time, you can claim it. No such attempt was made by the guy that found the phone. Did Gizmodo know if this phone belonged to the guy? They could claim they didn't know and have no obligation to turn it over until it was revealed to them that it was stolen, which they then furnished the phone to Apple. The warrant, is really excessive for a goddam phone...I have had phones stolen three times, GPS enabled, no one gave ****. Thank you cops for confirming that deeper pockets gets you better police protection.
Second, purchasing the property is a bit tricky. Gizmodo would have to have the requisite mens rea to possess stolen property. To do so you must evince an intent to deprive the owner of the property. They may have only intended to hold onto the item in order to run their story. What goes against that is paying $5,000.00 for something does not really show them as intending to return it.
The trade secrets argument mentioned is preposterous. When a person responsible for handling a "sensitive" item acts negligently by taking it to a bar, consumes alcohol (presumably) and leaves it in the bar...that is on Apple and their employee. Anyone who picks up that phone and turns it on would be violating trade secrets under previous posts' theories. One solid theory is that if Gizmodo knew without question that this was a prototype and taking it apart was an attempt to reverse-engineer the technology, then they could have some problems...in a civil suit. They could always claim they thought it was a custom phone...that is flimsy, but remember, it is beyond a reasonable doubt so every little detail counts.
One would think that this would have been GPS-enabled and would have had some remote technology to inform the "thief" that it was Apple property and promptly return it. I can do that with my 3GS and my 3G. Even have some software in the phone that can send a signal or send a message when it is connected to an unauthorized computer.
I think Apple's shares a little negligence and Gizmodo was more than a little bone-headed for doing what they did. Come on, if you left your new iPhone in a bar, Gizmodo couldn't buy one because they are sold out, pays the bartender $5,000.00 for your phone, you'd be pretty pissed since they know it is not theirs.