1. Heat oven to 350 degrees F. Coat a 13 x 9 x 2-inch baking pan with nonstick cooking spray.
2. Set aside 1/2 cup of the cake mix. In a large bowl, stir together the remaining cake mix, cornflake crumbs, 1 egg and 1/4 cup of the butter. Press into the bottom and partially up the sides of the prepared pan.
3. In another large bowl, beat cream cheese, sugar, vanilla extract and remaining 2 eggs. Spread mixture over crust. Spoon cherry preserves over the cream cheese mixture. Spread gently and evenly.
4. Sprinkle reserved cake mix over top and drizzle with the remaining 1/4 cup butter. Bake at 350 degrees F for 25 minutes. Sprinkle with the walnuts and bake an additional 20 to 25 minutes or until set.
5. Cool completely in pan on rack. Refrigerate overnight. Cut into 24 bars; serve chilled.