[MunchkinMan]

Second Chance Sparkles does not appear to be a one-shot Item, so I don't understand why either of you feel it needs to be discarded. By all the information I have at my disposal, the card is an unslotted Item that you don't lose by any action described in the original post, and must have in play before you used the one-shot Item you were trying to retrieve.

However: Even if Second Chance Sparkles was not a "persistent" Item, and instead fell under the concept of a Treasure card that is a "special" card (like a GUAL), and is thus played and then discarded, it does not say, "Usable once only," which is extremely important since Second Chance Sparkles only works to retrieve cards that say that exact phrase on them. And, if Second Chance Sparkles WAS a one-shot Item, you couldn't use its ability to retrieve it since you'd lost it (and therefore its ability) after using it the first time.