Preheat the oven to 350 and spray a bunt pan generously with a non stick spray. I actually spray my pan with a flour spray first and then the non stick spray. It breaks my heart when the cake sticks as I am trying to remove it.
Cream the butter and shortening together thoroughly. then add the sugar one cup at a time scraping the sides and bottom often.
Add the eggs one at a time and mix in thoroughly.
Open the can of pie filling and drain the liquid part out by placing the liquid part and catching it in a bowl for later use.
Mix the dry ingredients and add one cup at a time alternately with some of the milk blending well with each.
Add the vanilla extract and slowly fold in the cherries from the pie filling.
Pour into pan and bake for an hour or so. Let cool completely and then remove from pan onto a beautiful plate.
Take the liquid part of the pie filling and add 2 cups of powdered sugar to the filling. Mix thoroughly and glaze the cake.