h1 extn pending / 485 filed - what happens ?

INS Nightmare

Registered Users (C)
my H1 extension is still pending ...(I have another 3 yrs to go on H1)
Still we applied for 485 last month...
Any idea how the pending H1 extn affects 485/EAD processing ?
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Also let me know how the 240 days grace period works on H1 extension...
(i.e I have 8 mnths to survive in US after applying for H1 extn , my
first 3 yr H1 expired in nov \'00)
Thanks.
 
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