Start by giving the bacon a little precooking. Preheat the oven to 350°.

Lay the bacon on the rack of a roasting pan and bake, about 5 to 10 minutes, or until it's just slightly cooked, but still soft. This will help to render some of the fat out so it will crisp up in the oven faster.

Remove to a wire rack to cool.

While the bacon is cooking, start the marinade. Place all the ingredients (except the bacon) into a bowl and gently stir. Place in the refrigerator for at least 30 minutes.

Now the assembly. Cut each bacon slice in half. 

Turn the oven back on, but set it at 400°.

Place a chicken liver and one water chestnut on a piece of bacon.

Carefully roll it up and secure with a toothpick. It sounds easy, but those chicken livers will try to slip right out. Keep trying. It will work. Lay each rolled liver onto a wire rack.

Keep wrapping until you have all 12 done. Save the marinade.

Place the rack into a hot oven and bake for about 10 to 15 minutes. Make sure the bacon had gotten crisp and the liver is no longer pink. But don't overcook. The liver will be dry.

While they are cooking, pour the marinade into a small sauce pan and bring to a rolling boil. Reduce heat and stir in butter. 

Continue to simmer, stirring often, until the sauce gets thick and syrupy. Remove from the heat and set aside.

When the rumaki is cooked, remove from the oven and set on the stove to cool just a bit.

Place each piece in a serving bowl and pour the sauce over the top.

Serve immediately!