Preheat oven to 350 degrees. Generously, butter and flour a 10" bundt pan and set aside. Cream butter and sugar. Beat in the eggs. Mix flour and ground almonds. Add 2 cups of flour mixture to the butter mixture; beat well. Add the milk and almond extract. Combine baking powder to remaining flour mixture. Gradually, add to the batter, beating well. Fold in cherries. (Batter will be stiff.) Pour batter into the prepared pan. Bake about 1 hour, until cake pulls away from the sides of the pan and a knife inserted into the center comes out clean. When cake is done, turn upside down on a plate to cool. After about 20 minutes, remove thebundt pan.