I think the method is:
1) both players stand at a portal.
2) player 1 kills player 2 to xfer
3) when you see him drop you quickly run out bh before even seeing the loot (this causes no penalty)
4) run to bank , put in all expensive gear.
5) go in BH , pick up the loot and notice you have...
he has done the fire cape, the trade went really smooth. I went first .. and he nearly made me freak out, he said he glitched.. but then he appeared with the cape.
GOTTA LOVE THIS GUY