L1B to L1A Conversion filed but I-94 valid until 2015

[mightynaren]

Hi,

I am currently on L1B which expires in October 2012.

I just returned from INDIA (vacation) and I have my I-94 valid until 2015.

My company (ABC) has just filed my L1B conversion to L1A which I guess takes 2-3 months.

1) If for some reason the L1A is denied, can I continue to stay after October 2012 as I have a I-94 valid until 2015?

2) I had an approved H1-B petition from another employer (XYZ) in 2011 but I went for leap-frog and retained my L1B status without converting to H1B. If my L1-A is denied, can I use my previous H1B petition (with employer XYZ) and file for H1B transfer with my current employer (ABC). I never used that H1B and hence, I have no payslips through H1B?

Thanks in Advance for your comments/suggestions.