Every time I try to close iMovie 10 it says "tasks that are currently in progress will not be completed"?

I upgraded to Mavericks and then updated iMovie to the latest version (10?). I opted to let it upgrade my projects and events and these are now available in the new iMovie, but every time I try to shut it down, I get a dialogue box saying "tasks currently in progress will not be completed", what tasks? What is it doing- does anyone know?
Also is it true that after letting it upgrade/update your events and projects, you can delete the old iMovie projects and events folders (to save space)?

I have the same question regarrding tasks in progress.  The program seems very sluggish compared to the previous version.
Where is the old iMovie projects and events folder located (folder name)?  I would like to save space also or at least move to an external drive and have them as a backup if needed.

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