My wife came to USA on H4. Her H1B from company A got approved under "CONSULAR PROCESSING" in Sep 2009 so she cannot work until company A applies for COS from H4 to H1 or she goes for visa.she is on H4 now

She got another offer from CompanyB in November 2009.She accepted that offer from CompanyB and applied for H1B on Dec 11 2009.

1) CompanyB H1b is approved on Feb 8 2010.

2) Recently CompanyA applied for COS from H4 to H1B on Feb 4 2010 before CompanyB petetion got approved.

Questions

suppose If Company A COS is denied from H4 to H1b.Which status will she hold as she already have approved H1B from companyB?

Do we have to let USCIS know about our process?

Can we wait until CompanyA H1B decision, so that we can have option of Multiple H1B. Can we do this?

Thanks