Chop up the white chocolate baking bars (8 oz total), reserving half for the frosting.
In a large saucepan, bring margarine or butter and 3/4 cup water to boiling, stirring constantly. Remove from heat. Add baking bar, stirring until melted. Stir in buttermilk, eggs and rum extract and set aside.
Stir together 1/2 cup of the flour and the pecans and set aside.
In an extra-large bowl, stir together the remaining 3 cups flour, sugar, coconut, soda and baking powder. Stir-in the margarine/butter mixture. Fold in the pecan mixture.
Pour into 3 greased and floured 9 x 1 1/2-inch round baking pans. Bake in a 35 degree oven for 25 to 3 minutes or until done.
Cool in pans on wire racks for 1 minutes. Remove from pans and complete the cooling on the wire racks.
To prepare the frosting, melt the reserved 4 oz of white chocolate bar. Cool 1 minutes. In a large mixing bowl, beat 1/2 cup softened margarine or butter, and the softened cream cheese (note the 11 oz is one 8-oz and one 3-oz packages), with an electric mixer until combined. Beat in the chocolate. Gradually add the confectioners sugar, beating until smooth.
To assemble, place a cake layer on a platter. Spread with 1/2 cup of the frosting. Repeat layers. Top with remaining cake layer. Frost top and sides with remaining frosting. Garnish by sprinkling the toasted coconut in a large circle on top of the cake
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