There is a discussion going on over at agotcards.org about Varamyr ( http://www.agotcards.org/card/v/656 ).
The claim right now is that if the initial ability is cancelled, that not only do both characters stay in play, but that the second part of the ability (discarding the new creature from play), is never resolved, and both characters can remain in play. Something about that doesn't quite sit right with me but I cannot say for sure.