Melt chips, add Eaglebrand, stirring occasionally until mixture begins to thicken.
Add chopped nuts and vanilla.
Line bottom of 9” pie pan with foil.
Place ¾ c. walnut halves in bottom forming a ring.
Spoon chocolate mixture over nuts.
Add maraschino cherries and remaining nuts for decoration.
Chill in refrigerator until firm enough to slice. Cut into ½ inch slices.