L-1 B Extension question

[pidilite]

Hi,
I am currently on L-1B visa and present in US for my work assignment. My Visa is valid till 1-Nov-2012 and my I-94 date is also the same. My company is filing for an extension of my L-1B. Is it possible that the processing time exceeds the date of 1-Nov-2012 when my Visa ends ? If so, can I still face L-1B extension interview if my current L-1B has expired, but my petition for renewal is ready ?
Your help is appreciated in advance.

Thanks!

[onewtonb]

If you are in US, your company might be applying for an extension of stay. If this extension request is submitted to USCIS before your current I94 expiry, you can continue to stay in US until USCIS makes a decision on your extension request. It may go beyond Nov if you apply late. If you need a decision sooner, your employer can apply in premium where you will get the results in 15 days.