Premium account expiry and subsequent renewal- what happens?

What happens if a resident with premium account allows it to expire, then subsequently renews the account?

Specifically, what happens to their inventory? Their friends list? Their land?

I've heard differing stories in this regard, some of which don't make sense to me. One resident claimed that all of their inventory and friends list disappeared.

Logically, shifting from premium to "normal" shouldn't cause loss of anything you could have had to begin with as an non-premium resident. But I'd like to confirm what the correct result should be.

If there is somewhere in the FAQ where this is described, my apologies- I couldn't find anything, so a pointer to the correct spot is as good as a full answer

Thanks!

It sounds like you may have encountered a problem similar to the one described by Buddy Shatner. If 60 days passed between when the account was cancelled and then re-activated it's quite possible everything had been purged from inventory at that point.