L1B extension issues.

[rizzumd]

Hi, My L1 visa and I-94 is expiring by Jan 2009. Now my company is applying for I-94 extenstion and extention of L1B blanket. My company said I have to go for India for stamping as L1B extension is getting rejected from USA.
So.. my questions are..
1) If I get my papers and I-94 extension afer Jan,2009. Can I still stay here even after my I-94 is expired?
2) Is it must to go for India for stamping? Can't I stay here and go to stamping only when I goto India?

Appreciate your help regarding this.

[C4us]

Staying past expiration date on I-94 makes you illegally present; if you get an approved extension, you will get a new I-94 then you can get visa stamped when you return. If the extension is denied or you are sent for consular processing, you must leave before your current I-94 date.