I totally forgot about this one until someone at work made an obscure reference about it... and suddenly I was faced with memories I'd rather forget. Honestly, when you remember The Next Karate kid and not Part III, it should tell you something.
Anyway, he was right, it did have Robyn Lively in it and I think this is one of her early roles... and this and Teen Witch are kind of a shame because she can do a good job, a Twin Peaks quality job here and there but otherwise lingers in obscurity and really only surfaces for people like me who see her here and there in television roles and have fond memories of some of her better roles.
Anyway, it also has Ralph Macchio doing a job that kind of makes sure to tell the audience that he does not want to be there, he does not think III is a good idea, and otherwise convinces the audience not to like it.
And he was right, the script wasn't there. It was nice that he had a platonic interest and not a love interest, it was unique, it fit his character, it worked with the story... but the story otherwise wasn't there.
It's kind of a revenge tale that you have seen a thousand times over and this one doesn't say anything more than low budget Canon Pictures quality film.