Laid off with an L1-B visa

You are no longer in valid status following the loss of your job. But you are not unlawfully present in the U.S. unless you overstay your I-94. So if your I-94 expires in Feb. 2012, then you would not be unlawfully present in the U.S. unless you overstayed that date in Feb. 2012. But until then you cannot change your status in the U.S., and if you are caught by Immigration and Customs Enforcement you will be put into removal (deportation) proceedings because you are not in valid status. So you may be able to remain in the U.S. until Feb. 2012 without any immediate consequences, but if you come to the attention of the immigraiton authorities you may end up being deported.

The lay-off terminated your status

You need to contact an experienced immigration attorney who can examine the facts of your case. Ask the employer's attorney for a legal explanation for why you can stay legally past the law off from the L-1-B employer. Non immigrant visas that are based on the maintainance of a specific event is terminated if the event no longer exists.

I agree with colleagues, and yes also to asking for clarification from the company's counsel as to why he said that you could stay.