Does L1 be still valid if i get H1 approved

[Grace2016]

Dear Experts,

I am working at USA on L1 which is valid till 2017 , but it seems there are chances that my employeer want to send me back before that. So i contacted few prospectuive employeer and one of them is ready to process my H1, but i am not sure on

* If my H1 got approve in lottery does it will make my L1 invalid and i need to leave my existing employeer immediatly
* If i get H1 aproved but want to continue ven then can i work with my existing employeer on L1
* During this process till what stage i will have option to change my mind and take decision

It will be great help if you can provide some information.

Thanks
GD

[jnk]

1. yes.
2. No
3. Before H1 approval