L-1B to H-1B Status Change for the second time

[Ajayrajula]

I came to US in Jan 2012 on L-1B visa to work for Employer A. Later, Employer B filed a COS from L-1B to H-1B in April 2012 and it got approved in Sep 2012. I moved out of US in Oct 2012 and returned back to US in Jan 2013 on L-1B visa(without getting the H-1B stamped). I resigned to Employer A and the last day with Employer A was Feb-19-2013. Now, Employer B is going to file a COS from L-1B to H-1B again. The processing could take few weeks.

Now,

1) Can i stay in US while my second COS is in process? (I have L-1B visa till Mar 2014 and I-94 till Mar 2015, but the employment with Employer A has ended).

2) If i can stay in US, can i start working for Employer B? (because i already have an approved H-1B petition with the same Employer B with effective date Oct-01-2012)

3) If the COS gets denied, do i need to leave US immediately? What will be my next option?

4) Is it good to go for Premium Processing in this case?

[t75]

You should have left already.