Just made these for our family Christmas Party. They were such a hit! I found this recipe online but this is my tweaked version. Everyone wanted the recipe so I thought it was worth posting. Enjoy...we sure did!
Place water chestnuts in medium bowl and add soy sauce. Marinate while preparing bacon. Pre-heat oven to 350.
Pre-cook bacon in microwave. On a dinner plate place 5 slices on 2 paper towels. Place 2 more paper towels on top and add another 5 slices of bacon. Cover with 2 more paper towels and cook on high for 3/12 to 4 minutes. Repeat process until you have precooked all bacon. This partially cooks the bacon as well as releasing much of the grease before wrapping. You may be able to do more layers at one time but I was following a Rachel Ray recipe for microwave bacon and was afraid to deviate.
Stack bacon slices and cut in half. Wrap each half around a water chestnut and secure with toothpick. After wrapping place in an ungreased 9 x 13 glass or ceramic baking dish. (You will need 2 baking dishes.)
In another medium bowl whisk together mayo, brown sugar, chili sauce, Cajun seasoning and cayenne pepper until blended.
Pour evenly over the wrapped chestnuts and place in oven for 30-35 minutes. If bacon does not look quite done enough switch the oven to broil for about 5 minutes. (I used a bottle with a nozzle top...like a hair color bottle to drizzle sauce. It worked great!)
Remove from oven and transfer them to a pretty serving platter...but they won't be there long. :)