Sorry! I just found the answer : 1 Apllied effects - 2 and reinitialize...
If your question is answered, you can mark it as answered. Just open your question and look under the title. There you can mark it as answered.
Greetings and good luck,
Thanks for the reply with the great news that you resolved your own issue involving removal of a Black & White Effect from your project when it was saved/closed/and reopened. Great job.
For others reading your thread, I would add these details
a. The Black & White Effect is applied fx Effects Tab/Image Control/Black & White Effect.
b. After this Effect is applied, a Black & White Panel (for editing the Effect's settings) is automatically established
Applied Effects Tab/Applied Effects Palette/Black & White Panel expanded.
c. After you save close reopen the project and want to get rid of the Black & White Effect, you select the clip
with the Black & White Effect, go to Applied Effects Tab/Applied Effects Palette/Black & White Panel, right click
the Black & White Panel, and hit delete.