In a shallow bowl, combine the soy sauce, sherry, ginger and garlic. Add the chicken livers and toss to coat. Let marinate refrigerated for 2 to 4 hours.
Place the oil in a deep pot or a fryer and heat to 350 degrees F.
Place the bacon flat on a work surface and scrape with the back of a knife to prevent from shrinking while cooking. Remove the livers from the marinade and pat dry. Place 1 chicken liver piece on each bacon half and top with a water chestnut slice. Roll up to enclose the livers and chestnuts in the bacon. Secure with a toothpick or long skewer.
Carefully add to the hot oil in batches. Fry until golden brown and the livers are cooked through, about 3 minutes. Remove and drain on paper towels. Remove the skewers or toothpicks and place the rumaki on a platter. Serve immediately.
Yield: 2 dozen