It goes back to late 70's/ early 80's and is a slasher/bloodbath genre....all I really recall is a group of cheerleaders in yellow (during a slaughter of a mob)...
"Kill them on the left Kill them on the right kill them all day kill them all night"
It was definatley "b" grade--if not "c" with all no-name actors
First one I thought of was Cheerleaders' Wild Weekend, but I don't remember it being a slasher film (I only watched it once WAY back when).
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Synopsis: This smarmy exploitation film from director Jeff Werner posits a busload of cheerleaders kidnapped for a two million dollar ransom by some ex-jocks who take them to a remote cabin. This is another one of those movies where none of the characters behave like real people. Forced to strip by their captors, the cheerleaders (from three rival high-schools) let their competitive spirit get the best of them and are soon giggling and preening naked in a gunpoint beauty-pageant.
[This message has been edited by Khw (edited 02-08-2012).]
It MAY have been "Return to Horror High"...I'll have to rent that one and watch it to find out for sure (ooohh, tough assignment . If not I'll just keep looking.