H1B application - eligible for cap exempt status?

[AniruddhaDesai77]

I was on an F-1 from 2001-2004 and applied for an OPT and used it.

then I transitioned to an H1-B visa and worked on that status for 7 years - 2004 to 2011.

after that, i quit my job - i was not let go - i voluntarily quit - and went on to do a second masters - for this i transitioned back to F-1 status.

when i quit my job:

a.) my I-140 was approved, but the priority date for GC was not current (it is May '09 - EB-2) I hear it has now retrogressed back to 2004.

b.) my employer had applied for a three-year extension for my H1-B under the approved I-140 status - and that H1-B was approved and valid until mid 2014.

this is my question:

I understand that i am not eligible for a second OPT (it is my second masters - so it is same level - and OPT is awarded only once at each level - i am not eligible unless I get a PhD - which i do not intend to get anytime soon.)

If i apply for an H1-b - will the application be cap exempt? does my earlier H1-B visa which approved for 3 yr term in 2011 allow me to "cap counted" once already so to say? if my H1-B application falls under the cap - i am toast because I do not have the OPT to fall back on.

I read on some forums that if you have been approved for an h1-b - and dont use it's full term - you are cap counted for the next 6 yrs if you ever want to come back to use what's left of it.

secondly, i am told that being the "beneficiary" of a valid and approved I-140 on file with the USCIS will allow a future employer to file for a cap exempt H1-b for me in the form of an "extention" of the earlier H1-b visa that was granted to me.

any and all feedback is greatly appreciated. I still have a few terms before I graduate - so i have time to pre-plan what my options are - but just want to be well informed and prepare accordingly. thanks!