Variable Chaser // Arc of Fortune

If a prepared creature loses all abilities, it won't stop being prepared, and nothing will happen to its alternative characteristics or to the copy of its prepare spell in exile.

If a prepare spell with one or more targets has no legal targets when it tries to resolve, it won't resolve and none of its effects will happen. Since the spell was cast, the associated permanent will still not be prepared.

If an effect instructs you to choose a card name, you may choose the alternative prepare spell's name. Consider only the alternative characteristics to determine whether that is an appropriate name to choose.