Conversion error in VS 2010

I have a web application in VS 2003 (1.1) that i need to upgrade to Visual Studio 2010 and target to framework 4.0. But it showing the error like

"Internal MSBuild Error: Setting property without a project and without a pending gl开发者_运维百科obal properties collection."

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I had this problem, and the only thing wrong was that something in the folder was reaonly. Make everything writable and try again.