Had this on my notebook, having watched it in 2011.
Don't really remember much about it, other than it seemed like a sad excuse to try to get Feldman back into making movies (who, as I recall, was actually rather decent).
But, having been 17 in 1987, and now being 41 in 2011, watching the high schoolers of today just made me feel old and who the hell needs that?
Quick read some synopses about it and found that the writer of the script had originally written it for surfing werewolves. Studio canned it for being too close to Lost Boys. Then the studio took up the original director's idea for a Lost Boys sequel, didn't hire the original director, had the writer re-work the script and shoved this movie out to the public.
This guy's review, linked here, probably sums up the movie adequately: