Now that the dust has settled I think Slab Hunter might have a good suggestion. Take the $40 and buy your buddy a new rod for Christmas, get you old one fixed and let it go. He'll have a fishing rod to use the next time you two go fishing and you haven't lost a friend. Sounds like a Win- Win idea to me.
Eager,
I would never climb in another man's boat, use his bait and tackle unless he allowed me to help with the expenses and I am a Republican.
Birddog,
I pray that I may live to fish until my dying day. And when it comes to my last cast I then most humbly pray. When in the Lord's great landing net and peacefully asleep. That in His mercy I be judged, BIG ENOUGH TO KEEP.