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give him warning. just say look man, i really need the money for my camera. i let you borrow it, and it was stolen from you. if i didn't let you borrow my camera, i would still have it. Please get me the money so i don't have to pursue this futher.
yeah, I'd give him a last warning before I filed anything against him. If you end up having to file suit, let me know and I'll do some research for you if you'd like. I'm in law school and it'd probably be some good experience for me.