Combine the first 8 ingredients and mix well but lightly. Shape into golf ball sized balls.
In a large oven proof skillet heat the oil over medium high heat. Brown the meatballs well on all sides. While the meatballs are browning, prepare the sauce.
Drain the juice from the pineapple chunks, reserving the juice. Add water to the juice to make 1 cup of liquid. Add the cornstarch to the liquid and whisk well. Put the mixture in a medium sauce pan with the vinegar, soy sauce and brown sugar. Bring to a boil stirring constantly and then continue to boil for 1 minute or until the sauce thickens. Add the drained pineapple chunks, cherries and green pepper. Stir well.
When all the meatballs have been browned, drain off the oil, add the sauce and put in the oven, uncovered for 25 minutes.