When a thief is caught red handed and the lic plate of the getaway car is noted, he should be punished if the victim desires. There is no excuse to not to book a complaint on the ground of frustration, etc. Just the hassle of appearing in court should deter the thief in future. If cops don't cooperate, may be a local TV station should be contacted. Many have an advocate to deal with such officials, e.g., WB-11 in NYC area has "Help Me Howard". If it was a $100 X-mart bike, it would be a misdemeanor. Stealing a $4-5K bike is a major crime. No wonder they shot horse thieves in the old west.