Stolen iPhone Question :(

Hey all,
So this is my story. Basically, I was taking a cab home early in the morning on christmas eve and I guess my brand new iPhone 5S fell out of my pocket and I left it in the cab . I realized it was gone the next morning, so I instantly logged on to iCloud and put it into Lost Mode. A couple of hours later, I got a call at my house phone (the number I put to call) FROM my iPhone, with the cab driver saying I should call my phone back in a half hour to arrange a time to meet to pick it up. Unfortunately, when I went to call him back my phone was turned off and there was no answer. Everytime I called my phone back the same problem occured. The cab driver would periodically turn my phone on, and I would be notified of it being turned on and notified as to its location. I would then rush to the phone in an effort to call it, only to have it turned off again. I therefore went back into my iCloud account, and changed the Lost Mode message to a different one, asking the cab driver to leave my phone on or to call me. However, now the account just says "Lost Mode Pending". Does that mean that the cab driver can now use my phone, even though it was in lost mode before and I just tried to change the message? How does this work?
Any clarification would be greatly appreciated.

NomadicMacmanus wrote:
Thats what I am in the process of doing, but I was just wondering if my phone is locked and unusable or what the deal is
Only you know the answer to the above.
Do you use pascode lock?
Is the iPhone using iOS7?
If the answer is yes to either of those, your information is protected.  If you answered no to #2, the new owner can erase the iPhone and begin using it.  I'll assume you haven't installed a different iOS on your iPhone 5s, so you should stop worrying. 
As far as ever getting it back. . .
There are many unsuspecting potential buyers on eBay and CraigsList.  It's impossible to predict what the cab driver will do with something he/she can sell for several hundred dollars.

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