The most important assumption is that they guy who found the phone didn't make a reasonable effort to return it. The relevant statute, which has been reference

The most important assumption is that they guy who found the phone didn't make a reasonable effort to return it. The relevant statute, which has been referenced over and over and over, is very clear. It does not award points for effort. Instead, like Yoda, it says that you either do or do not -- there is no "try". Since he did not do what the law required, he's on the hook for theft.