My friends and I played a game last night and this question came up.
I defeated the lord of darkness in the dungeon and I chose the cloak of feathers as reward.
In the inner region I discarded it and I was teleported on the CoC, and then died because of an alternative ending
Then another character defeated the lord of darkness and he wanted the cloak as well. Can he take it after my character discarded it? or is it considered as every other discarded card in the adventure pile?