Isotropic-nematic and nematic-nematic transitions from a homogeneous suspension of high aspect
ratio magnetic rods are studied for both Maier-Saupe and Onsager excluded volume potentials.
Asymptotic analysis in the vicinity of critical points yields insight into the stability and type of
polarized nematic states emanating from nonpolarized equilibrium states. This, in conjunction with
recently published global numerical results, yields a unified picture of the bifurcation diagram and
provides a convenient base state to study effects of external orienting fields.