If I steal an opponent's item through Thief and then black out, do I keep the item??

Question

For those who don't know, to "Black Out" means that your whole team fainted.
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If I use Thief on Red's Pikachu and steal it's Light Ball, then he proceeds to sweep my team to nothingness, do I keep the Light Ball??

No answers saying "maybe" or "possibly"
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Inspired by JirachiCelebiMew's comment on this question:

How can I get the light ball in heart gold without the event, or if not how can I get the event?

Comments

That was my Q! xD

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Correct, so i gave credit where credit is due.

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Yayy =D

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DA, I was about to change my Gravatar to that Quagsire... XD

Answer 1

You will keep the Light Ball, as the action has been done already. This is only for Gen IV and below. - Experience with Level 60's with Red
For Gen V, your stolen items are returned to the trainer, so it will only work for Wild Pokemon. - Source