Here's the summary of my case,

MBA in US 2007, Filed for H1B in April 2008, Currently pending for approval, OPT has expired, F1 Visa from previous school is valid till 2010. I cannot apply for my old school as the admissions are closed for current semester.

Here are my questions,

1. Can a new school issue me an I-20 with my H1B status as pending?

2. If yes, can I continue my education with the new school on my F1 from previous school with out leaving the country?

3. What other options can I have to stay in the US besides filing again on Apr 1, 2009 in worst case scenario (i.e. my H1B application from 2008 gets rejected)?