H1 Rejected and L1 B Visa Valid


I have applied for H1 B Visa in year 2013 and my current visa is L1B which is valid till Jan-2014. So if in case my H1 B visa get rejected, does my L1 B still stays valid? Can I continue to stay on my L1-B.

Also will my rejection on H1B negatively impact on L1 B to L1A extension which I am planning to file in Jan-2014. Please suggest.