The night before: Split each bread slice four fifths of the way through. Spread the two sides apart so that they look like butterfly wings. Use a fork hollow out a shallow pocket on the inside of each slice. Discard the crumbs; set bread aside
In a medium bowl, mix together the mozzarella, cream cheese and ricotta cheese. Stir in the apricot jam. Spoon 2 tablespoons of cheese mixture into each bread slice. Place slices in a 9x13 inch baking dish. Cover and chill 8 hours or overnight.
The next morning: Preheat oven to 400 degrees F (200 degrees C). Pour apricot nectar into a small saucepan and simmer over medium heat. Stir in sugar and cornstarch; cook until thickened.
Beat together eggs and milk. Dip bread slices into egg mixture and dredge in cornflakes crumbs. Melt 2 tablespoons butter in a large skillet over medium heat; cook bread 2 minutes on each side or until golden. Place in a lightly greased 9x13 inch baking dish. Bake at 400 degrees for 15 minutes.
In a medium frying pan or skillet, heat 1/4 cup butter, 2 tablespoons sugar and ginger over medium heat. Add peaches and cook for 3 minutes.
Arrange French toast slices on individual plates. Top each serving evenly with peach slices, sprinkle with powdered sugar. Serve with apricot syrup.