I’ve added my code and live demo. My demo uses a root game object that rotates based on mouse movement, a middle game object that constantly rotates around the root object and finally a child game object that is fixed due north regardless of the rotation of it’s parent or the root.
SOURCE: https://github.com/britzl/publicexamples/tree/master/examples/fixed_rotation
HTML5: http://britzl.github.io/publicexamples/fixed_rotation/index.html