PREPARATION:

1. To prepare marzipan, beat almond paste and egg white in medium bowl with electric mixer at medium speed until blended. Add 2 cups powdered sugar and red food coloring; beat at low speed until well mixed. Place marzipan on surface lightly dusted with powdered sugar. Knead in remaining 1/2 cup powdered sugar and cherries until smooth and pliable.
2. Shape marzipan into 3 logs, each 10 inches long and 1 inch in diameter. Wrap logs in waxed paper; refrigerate at least 1 hour.
3. Melt chocolate in top of double boiler over hot, not boiling, water. Uncover; stir until chocolate is melted. Remove from heat.
4. Unwrap marzipan logs; place on waxed paper. For first layer of chocolate, spread 2 tablespoons melted chocolate over top and side of each marzipan log. Let stand 20 minutes or until chocolate sets. Roll logs 1/2 turn; spread each log with 2 tablespoons melted chocolate to coat. Let stand 20 minutes or until chocolate sets.
5. For second layer, repeat step 4 with remaining melted chocolate. Let stand until chocolate sets. (If not set in 20 minutes, refrigerate 10 minutes.) Slice logs into 1/2-inch slices. Store in airtight container at room temperature.