Drain the cherries, reserving the liquid for later use. Set the cherries on paper towels to dry them, and allow them to sit on the towels for at least 1 hour. Pat the tops of the cherries gently with paper towels to remove any remaining moisture after 1 hour.

Beat butter at medium speed with an electric mixer until creamy; gradually add 4 cups powdered sugar, beating well. Add Maraschino Cherry Juice, beating until blended. Add remaining 1 cup powdered sugar, mixing well, till mixture can be rolled into a ball in your hands. It should not be sticky!

Divide fondant in half and place second half into a small bowl. Add the cocoa and 1 tablespoon maraschino cherry juice. Mix well by hand, adding 1 more tablespoon of the cherry juice if needed.

Shape each fondant type around one half of the cherries. Cover them completely with a thin layer of the fondant. Place them on parchment paper. When all have been placed on the paper, re-roll them if needed in order to make them round.

Let sit, uncovered, on the parchment paper till the fondant is dry to the touch - about 30 minutes.

Using one color of chips at a time, place them in a large glass measuring cup, or small bowl. Microwave on high for 1 minute. Add 2 tablespoons of shortening or oil to the melted chips, then stir well. If chips are not completely melted, microwave again in 30 second increments just till melted.

Holding the stems, dip the pink fondant covered cherries into the semi-sweet chocolate mixture. It's easiest to coat the tops of the cherries with chocolate if you use a teaspoon to spoon some of the chocolate over the tops, then dip the bottoms into the chocolate.

Place on parchment paper on a small cookie sheet or other flat baking pan.

Microwave the white chocolate chips using the instructions above for the semi-sweet chips.

Dip the cocoa fondant covered cherries into the melted white chocolate mixture using the same techniques.

The chocolate coating will form a wide flat base on the cherries.

When all cherries have been dipped, beginning with the first cherries you dipped, use a dragging motion to lift them off of the parchment paper. This will remove the excess chocolate and give them a nice round look. Place them onto a fresh piece of parchment to continue drying.

You may need to repeat this dragging and moving procedure one more time in order to remove all of the excess chocolate from the bottoms.

Place the covered cherries into the refrigerator for 1 hour to harden the chocolate.

Store in an airtight container in the refrigerator or a cool place for at least 30 days before serving. The fondant will turn into liquid cordial during the aging period.