Effect of travel on COS application and I-94

[max09]

Hello,

I am on L1 visa working for an employer A. My visa is expiring in Nov 2016, so we filed for L1 extension in August and now new approval letter with new I-94 says valid until Nov 2018.

On the side I had applied for new H1b with COS through another employer in April in regular processing. Picked up in the lottery but still pending.

Now in September I had to travel out of country (to Canada) and my current employer insisted that I get new visa stamp on my passport. So I went to US consulate in Canada and got new L1 stamp with validity until Nov 2018. Now my new I-94  is valid until Nov 2018. 

Now I read online that if you travel while COS application is pending, they will only approve H1b petition but COS application is abandoned.

I was wondering what happens if my H1b is approved and they also approve COS and send me a new I-94? I read somewhere that even if they issue a new I-94, I should not start working as H1b. I would still be on L1 unless I file for a separate COS application or leave the country and come back.  That's because I am not eligible for COS as I left the country while the petition was pending. Issuing a I-94 in my case should be considered a mistake and I should not act on it. Is my understanding correct?

Thanks for your suggestions in advance