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H1 Extension in process - I94 expired on April1 - Nearing 240days deadline - Options?

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  • H1 Extension in process - I94 expired on April1 - Nearing 240days deadline - Options?

    Hi All,

    My I94 has expired on April 1st 2012 and H1b renewal was file on Mar 29th 2012.
    I have received RFE and I submitted all the documents on Aug 15 2012.
    Since then, my petition is in the "Request for Evidence Response Review" step.

    My employer is offshore based and asking me to come back to offshore as I cannot in US stay after 240 days of i94 expiry. This gives me to stay till Nov 25 th.

    I also joined for MBA while I am in h1b and currently in my 4th semester.
    What are the options available for me to stay in USA?

    1) Get my H1b transferred to a new employee so that I can at least stay in US until my first employer's petition & new employer's petition gets approved.
    If my new employer's petition gets approved before my old employer's petition, can I start working with the new employer?

    2) COS to F1 visa immediately - I am not sure if this can be done as my I94 has expired
    3) COS to H4 visa immediately - My spouse is a H1b holder, but again I am not sure if this can be done as my I94 has expired.

    Please provide your valuable inputs and suggestions. Thanks to all in advance.

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