Greylurker |
old object becomes a stick.
It's only the Arcane Bond that allows it to be enchanted in the first place, take away the power of the bond and it looses any magic you imbued it with for the same reasons that it's just a stick in the hands of anyone who wasn't you.
"If a bonded object's owner dies or the item is replaced, the object reverts to being an ordinary masterwork item of the appropriate type"