Child Obj Ignoring Parents Rotation! Help

So i have a simple JAVAscript <(Only Please), turning my parent obj (diamond) and i want the 3D plane infront (Name of it) to NOT rotate. I want something like:

transform.rotation = Quaternion.identity;

Although this DOES Ignore Rotation it ALSO ignores position change which i DONT want. Plus it sets the rotation to 0,0,0 and i want it to automatically at start FIND the rotation of the obj the script is attached to (child that is) and store that, THEN set that as the rotation identity of that CHILD OBJ.

I want the CHILD obj to be able to Translate anywhere with the Parent, just NOT rotate!

Thanks so much for the Help,

Get the startup rotation, then keep it at that in update.

var defaultRot : Quaternion;

function Start()
    defaultRot = transform.rotation;

function Update()
    if(transform.parent != null)
        transform.position = transform.parent.transform.position;
    transform.rotation = defaultRot;