What you are trying to do is not working because you are creating a NEW instance of your main form and updating that rather than the first instance. It is possible to update the main form by keeping a reference to it in your settings form... but...
...it sounds like you are approaching this from the wrong direction.
Don't make the settings form dependent on the main form. Instead create the settings form from the main dialog.
class SettingsForm : Form
{
// You need to ensure that this color is updated before the form exits
// either make it return the value straight from a control or set it
// as the control is updated
public Color OLVAltBackColor
{
get;
private set;
}
}
In your main form
(I'm assuming some kind of button or menu click)
private void ShowSettingsClicked(object sender, EventArgs args)
{
using (SettingsForm settings = new SettingsForm())
{
// Using 'this' in the ShowDialog parents the settings dialog to the main form
if (settings.ShowDialog(this) == DialogResult.OK)
{
// update settings in the main form
this.OLVAltBackColor = settings.OLVAltBackColor;
}
}
}