H1B extension denied, how to keep greencard going?

[no1]

My 8th year H1B extension got denied. I had an older greencard application with the previous company, which was used for the 7th year extension with the current company, but that application was abandoned last year. With the current company, I've a Labor Cert started in November 2007, it got audited 6 weeks later, a response has been sent promptly, no news after that.

The H1B might be a lost cause, so I'm focusing on the greencard. How to keep it going?

This company wants to keep me working for them. They suggested that I should establish an american company, then go to my country and work from there as a contractor. But I see 2 problems with that:
- if I don't have a greencard, can I establish an american company?
- if I'm no longer a full time employee with my current company, wouldn't that stop the current greencard?

What do you think of this scenario:
This company has offices in some EU countries. As a citizen of an EU country, I could probably go to one of those offices and work there. Would that be fine with my greencard? (labor cert and the rest)

Any other ideas to keep this greencard going?

 

[CalGreenCard]

- if I don't have a greencard, can I establish an american company?

Yes you can but you cannot work for your company from within the US. The scenario they are proposing where you only work for your own American company from outside the US is perfectly legal.

- if I'm no longer a full time employee with my current company, wouldn't that stop the current greencard?

No because the green card is for future employment and is not based on you currently working for the company--even though that is a very common scenario. If the company plans to bring you back into the US when you get the green card or after you've been out of the US for over a year (H-1B numbers permitting) a gap in full time employment is quite legal.