Snatch Arrows feat and Returning property

[Aziraya Zhwan]

So a thought came to a friend and I while looking through some things, and an interesting conundrum appeared. Some information:

Snatch Arrows:

Benefit: When using the Deflect Arrows feat you may choose to catch the weapon instead of just deflecting it. Thrown weapons can immediately be thrown back as an attack against the original attacker (even though it isn't your turn) or kept for later use.

Returning:

This special ability can only be placed on a weapon that can be thrown. A returning weapon flies through the air back to the creature that threw it. It returns to the thrower just before the creature's next turn (and is therefore ready to use again in that turn). Catching a returning weapon when it comes back is a free action. If the character can't catch it, or if the character has moved since throwing it, the weapon drops to the ground in the square from which it was thrown.

So what happens if someone (Person 1) throws something like a Javelin with the returning property and the other person (Person 2) catches it in the air? Does it poof out of Person 2's hand at the beginning of Person 1's next turn? Or not since it's essentially in possession of Person 2?

For extra shenanigans if Person 2 then throws it back, does it appear back in Person 1's hand at the beginning of his turn from inside his belly? Or does Person 2's throw completely overwrite Person 1's throw?

Edit: Would the same idea essentially apply to the Blinkback Belt?

[Lord Vukodlak]

I think the item would change possession, a returning weapon "flies" through the air back to the creature that threw it, the following round. It doesn't teleport so it'd have to escape #2's grasp.

You can take this further what if character #2 catches the weapon and then teleports away? The weapon won't return until just before #1's next turn but how does it do it over that distance and possibly through solid objects.

[Protoman]

To remove any sort of "maybes" the snatch arrows character can catch the returning weapon, throw away, and the returning weapon will return to HIS hand before his next turn as he's definitely the most recent wielder.

Also, anyone that doesn't have snatch arrows can simply pick up the thrown weapon before it flies back to the original wielder, throw it and become the new wielder.