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When a new VB.net project is added, its target framework is set to .Net4.0 and there are no errors or warnings. However, when the solution is reopened, the project cannot be loaded and I couldn't find any way to change its target framework when its state is "load failed".
When the default target framework is not supported by the language, MD should choose an alternative one.
See https://github.com/mono/monodevelop/pull/166 for a possible fix
*** This bug has been marked as a duplicate of bug 6660 ***