L1B to H1B Change of Status - Can I stay on L1B and invalidate H1B CoS?

[AbhaySharma]

I am currently on L1B-B visa from company-A valid until Dec-2014. Company-B had applied for H1B visa in 01-April-2013 and its currently under processing, it was applied as Change of Status effective 01-Oct-13. Now if I want to continue with my L1B employer-A what option do I have, can I go out of USA before 01-Oct-13 and come back on L1B visa after 01-Oct-13? Also what happens to my H1B petition, can I use it in the future with Company-B or another employers (not Company-B)?

[kabkaba]

You must be outside the US on Oct 1 to avoid automatic change of status.

If the H1B petition gets approved, you will be eligible for a cap-exempt petition (filed by any employer) for a period of 6 years.