I would appreciate some feedback on the following issue:

I came here originally in Oct 98 on a L1B. I have been working with the same company ever since and my employer applied for an extension to my initial visa. The extension was approved by INS.

My last trip to Europe was around New Year of 2000. Since then I have not left the US. Of course this means that my last I-94 expired. I did not think of this until recently when I looked at my passport.

What are the consequences of the expired I-94 card? What does it mean that it's past the expiration? When I received the notification from INS that my visa has been extended by 2 more years I also received a letter instructing me to obtain a new visa from an American embassy or consulate outside the US if I would leave the country. Neither INS nor the immigration attorneys did actually instruct me to leave the country and return with a new visa.
As I mentioned above already, I have not left the US in nearly 2 years and therefore neither obtained a new visa nor a new I-94.

Your feedback on this is greatly appreciated.
I apologize for the lenghty message.

You have L1 approval ,Now you do'nt need I -94 renewal.Go to your home country with L1 approval letter they will stamp your passport.You ca'nt do here you will have to go to your home country.
Go before it expires and later on you can apply for another extension here.
Do'nt worry .You are O K
Good Luck