I feel for you Mike , your young and your in buisness and now learning what it takes . Give it a few more years and buisness will teach you all the right answers for every situation that will come your way and get prepaired for the changes that will happen to you , for now learn how to seperate friends from customers , you have to do this if you want to remain sucsesful in the future . The last thing you want to do is give him back his stuff cause then you feel like he got the best of you i know but heres what the bigger men will do . Thats just about every thing the others sudgessted to you on here no matter how bad it makes you feel , but unlike some here you are a buisness man and if you would like to know what i would do as i am a buisness man , i would aproch him face to face ,hand him his gear ,and warn him that if he ever wants to go fish with you again and where the cost needs to be split because you can't afford freebies to all your friends just yet , your gona take him out in the shipping lanes and thro him and he's gear over board if he thinks you need to foot the bill each time yous go out . This now should make you feel better and at the same time teach him where your coming from , now you can go your way and he can figure out if he still likes you or not , either way its no skin off your butt and proof is most here already told you how they feel about a person like that . Good luck Mike