In a large bowl, dissolve yeast in warm water. Add the buttermilk, butter, sugar, baking powder, salt, eggs and 2-1/2 cups flour. Beat on medium speed for 3 minutes. Stir in enough remaining flour to form a soft dough.
Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1 hour.
Punch dough down. Turn onto a lightly floured surface; divide into thirds. Roll each into a 13-in. x 9-in. rectangle. Place on greased baking sheets. Remove apples from pie filling. Discard remaining filling or save for another use.
Place a third of the apples down the center third of each rectangle. Sprinkle with a third of the red-hots. On each long side, but 1 in.-wide strips to the center to within 1/2 in. of the filling. Starting at one end, fold alternating strips at an angle across filling. Pinch ends to seal and tuck under. Cover and let rise until doubled, about 1 hour.
Bake at 375° for 25-30 minutes or until golden brown. Cool for 2-3 minutes before removing from pans to wire racks to cool.
For glaze, combine sugar and enough water to achieve desired consistency. Drizzle over breads. Decorate with candied cherries if desired.
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