Let \(\mathcal {A}\) be a \(C^*\) -algebra. We say that \(\mathcal {A}\) satisfies the SP if every bounded homomorphism \(\mathcal {A}\rightarrow B(K)\) , with K a Hilbert space, is similar to a \(*\) -homomorphism. We introduce three hypotheses that relate to extending hyperreflexive algebras by projections. We prove that our third hypothesis is equivalent to every finitely generated C*-algebra satisfying the SP. We show that to prove that every von Neumann algebra is hyperreflexive it is enough to show that when one extends a hyperreflexive algebra by a single projection it remains hyperreflexive.