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1. Peel bananas; bias-slice each banana into 8 pieces. In a large skillet combine orange juice, sugar, and butter. Heat about 1 minute or until butter melts and sugar dissolves. Add the bananas and cherries; heat for 2 to 4 minutes more or just until bananas are tender, stirring once. Stir in nutmeg.
2. To serve, divide vanilla ice cream among 4 dessert bowls. Spoon bananas and sauce over ice cream.