For the base, thoroughly mix all ingredients. Pat into the bottom of a 9x13 pan and chill.
Drain cherries, reserving 1 1/2 cups cherry juice. Heat cherry juice, add gelatin and stir until dissolved. Place in refrigerator until partially set. Mix drained cherries, marshmallows, and nutmeats, let stand while gelatin is setting. Beat gelatin until frothy. Add cherry mixture. Whip the cream and fold into whipped gelatin and cherry mixture. Pour over base. Chill until set.