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Prakash John's bass returned.

I can't say in the case of an individual, but in MI if you have something stolen, say carpentry tools, and they are taken to a pawn shop and the shop owner buys them following the requirements of the Good Faith Law (ask if it's stolen, get a copy of a government issued id, and get a thumbprint), the shop owner is not required to return the goods and take a loss. He may sell it back to you, charging up to the dollar amount that he paid. So no, you don't automatically get it back from the person possessing it. I know. I had all my tools stolen a few years back and went through this.

Now, if the item is reported to the insurance company, and they pay out a settlement, the item belongs to the insurance company. You may be able to buy it back from the insurance company, but they are under no obligation to sell back to you. They have the right to sell it at auction for a profit.
 
Just to fill in a little history here, Canadian producer Bob Ezrin worked with Lou Reed on his 1973 album "Berlin" and says he brought in "His Guys" (Meaning Steve Hunter, Dick Wagner) from Alice Cooper's band - He had produced 4 Alice Cooper records at that point - (though Jack Bruce and Tony Levin played bass on that album). Prakash John joined Alice Cooper's band and played on the "Welcome to My Nightmare" album in 1975, considering how well the three of them played together on the Lou Reed tour it would seem inevitable..

Bob Ezrin-Part 1-This Week’s Podcast
it was lucking out with such talent that helped Alice and Shep to bury the memory and future of the AC group and soon make AliceCo rich but forgettable / regrettable.