This is not theft this is breach of contract. You can not steal something that was openly given to you. At most he could say is that Sly broke the agreement to return the item.
So lets look at the agreement, In my short stint in VDA i understook that epic items belonged to the bank unless they epic was about to be completed. Often we/they would give items to people who could use them prior to combining the epic. My best guess would be that sly would have been given the item and told to return it when a necro was ready to complete.
Is a BDA necro ready to complete the epic?
Did you specificly say in the agreement that if sly left the guild he would return the item?
If no to the above answers, i suggest SLY still has kept up his part of the agreement, If and when BDA has a necro ready to complete and SLY did not provide the eye as requested, we then would have a breach of contract.
In my opinion You need to wait till you are ready for a necro to take back the item before you are outraged and before sly has officaly broken your agreement.
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