I believe it will try to download it from commonspace prior to creating a ghost object or creating a new file if it can't find a file in a workspace. Creo doesn't care what particular iteration of a file it retrieves--it just looks for a CAD file with the name it needs. It should search workspace first, then commonspace, and then will probably throw a regen error the next time you try to retrieve the asm if it can't find the file in the search paths.
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