I interviewed on Jan 19 and at first, the admissions committee said my app would be reviewed in the Feb meeting unless they got the reviews back from my interviewers before the January meeting. A week after I interviewed they sent me another email saying that my app would go in the January meeting. But when they thought I was gonna be in the Feb meeting, they told me that I would knoe the decision made about my application by March 3.
If you look at the 2012-2013 Sanford application thread, there is a guy that was put in the pended pool, and then later posted on March 3, 2013 that he was accepted.
I think that they say that "ALL applicants" will know about their applications by March 31 so they send out all the acceptance letters, and give those accepted people their 2 weeks to tell the admissions committee whether they want to go to USD or not. Then for all the accepted people that choose to go to a different med school, there is 1 more spot at Sanford. So they send out 1 more acceptance letter by March 31.
My guess is that if you are accepted from the pended pool at the Feb meeting, you will know by March 3. If you still aren't accepted at that meeting, you won't receive a rejection letter until the end of March. This is just my best guess as to what happens.