Can H1B and L1 coexist?

[pskchennai]

I currently work for Employer A in India. I have a stamped H1B bound to Employer B. Now my current Employer A is willing to process L1. I feel H1B is flexible as it is not bound to employer and suitable for a long term stay. I have the below questions:

1, If I go for L1 stamping will my H1B be cancelled?
2, In case if I am holding both of them can I move to US in L1 and make use of the existing H1B later.

Thanks in advance!

[JStone]

Check this similar thread - http://www.immihelp.com/forum/showthread.php?t=43409