Private Sub Button1_Click(sender As Object, e As EventArgs) Handles _
  Button1.Click
        For I = 0 To liv_Folders.Items.Count - 1
            If liv_Folders.Items(I).Selected = True Then
                liv_Folders.Items.Item(I).SubItems(0).BackColor = _
                  Color.FromKnownColor(KnownColor.Red) 'Highlight
                liv_Folders.Items.Item(I).SubItems(0).ForeColor = _
                Color.FromKnownColor(KnownColor.Yellow) 'HighlightText
            End If
        Next
End Sub