SAUCE: While cake is baking, make the sauce. In a medium saucepan, heat preserves, orange juice, and Grand Marnier until just warm and preserves are melted.
Remove from heat and stir in sliced strawberries and lemon juice. Cool to room temperature then refridgerate at least 4 hours to allow flavors to blend.
CAKE: Preheat oven to 350 degrees F. Grease and flour a bundt or tube pan and set aside. In a large bowl, combine biscuit mix, flour, baking powder, salt, and nutmeg and set that aside.
In a mixer bowl, using an electric mixer, mix together granulated and brown sugars, cream cheese and butter on medium speed until soft and creamy, about 4 minutes.
Beat in eggs, one at a time. Add milk and vanilla extract and dry (Bisquik) mixture and mix well. Pour into prepared pan, spreading evenly using a small rubber spatula. Bake approximatly 55 to 60 minutes or until a cake tester inserted into the center comes out clean. Let cool in pan for 10 minutes, then turn over onto cake dish, cool completely (fastest cooling time by placing it in the fridge). When completely cool, sprinkle with powdered sugar.
TO SERVE: Slice cake and serve with Grand strawberry sauce.