Cook bacon in a medium skillet until crisp. Remove bacon and all but 2 tbsp. drippings. Cover cherries with boiling hot water and let stand 3-5 min. until plump; drain and set aside. Process shallot, thyme and garlic in a food processor until very finely minced. Heat bacon drippings in pan over medium heat; add shallot mixture and bay leaves and cook about 5 min. until shallots are dark golden-brown. Remove pan from heat and stir in cognac; set aside. Rinse food processor; add bacon, drained cherries and pistachios. Pulse until uniformly minced. Remove mixture from food processor to a medium mixing bowl. Add liverwurst, cream cheese and shallot mixture to the food processor; process until smooth. Add to mixing bowl containing reserved bacon-cherry-pistachio mixture; stir together. Cover and refrigerate at least 8 hrs. before serving.