L1B to H1B cap reached but have OLD expired H1B


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I am currently working on L1B and got an offer from US MNC and they have already started the process for LCA and may get it within 2-3 days. But today I got the news that H1B caps for year 2012 has already reached.

I had an old H1B filed in Dec 2004 and I stayed in US for 1 year and went back. Thereafter I entered US back in June 2011 on L1 (almost after 5 Years).

With above condition can I get my L1 transfered to H1 even though cap has reached for year 2012 or I have to wait until next year's quota starts?

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