After he rallied? A unit below either 50% or 25% (don't remember which) cannot rally, so if he started fleeing he is effectively dead. @Caneghem; I read the steed rules and couldn't decide whether the unit champ was eligible or not, I obviously assumed he was as long as the rest of his unit wasn't there. I guess if it specifically says character then yeah, this whole last page of debate is kinda pointless.
Well it's always fun to talk about what if scenarios anyway, and I don't think anybody was seriously suggesting it. I just happened to know offhand because I'm reviewing the lores of magic in an effort to get a good grasp of what each one of them does. More details to follow!
True enough Strewart. I totally forgot about that rule even though I'm quite familiar with it when I'm on the table. It doesn't really make sense at all to give this item to a RG. Caneg summed it up nicely by categorizing it as a what if scenario.