Replying to What would you do in my situation?

Today my environmental class and a random sped class had a feild trip to jiminy peak to check out the wind turbine. For some reason we had to walk down the mountain instead of taking the chairlift which was how we got up.  On the way down my ipod fell out of my pocket and i didnt notice until i was getting on the bus. At this time a lot of people knew and im just like f*********ck there is nothing i can really do. Then this kid tells me that he saw a retarded kid find an ipod and pick it up. I start talking to this kid and he says he didnt, then his teacher asks him and he says this ghetto black kid has it. This kid was really slow in the head and was obviously not lying. So im just calm trying not to really get involved and two teachers go and talk to this kid, but he repeatively says he doesnt have it. When we got back to school they brought the kid into a room to talk to him, but he would not admit it. I figure he either has it or he kinda freaked out and tossed it somewhere. Should i just let it go and lose my 300 dollar ipod which only about 10% of the music on it is backed up on my computer, or should i try to get it back?