Preheat oven to 350 degrees. Grease a 12 cup bundt pan with butter and flour. Combine flour and cocoa and set aside. In a large bowl, cream sugar and butter until light and fluffy. Add eggs one at a time, beating well after each addition. Gradually add powdered sugar and mix thoroughly.Stir in flour mixture by hand until well blended. Gently stir in nuts. Batter will be thick. Spoon into prepared pan. BAKE 45-50 MINUTES OR UNTIL THE TOP IS SET AND EDGES BEGIN TO PULL AWAY FROM PAN. COOL UPRIGHT IN PAN FOR 1+1/2 HOUR TO ALLOW FUDGE TO SET. INVERT ONTO SERVING DISH TO COOL THOROUGHLY.
To prepare glaze, combine powdered sugar and cocoa. Add 2T. milk mix thoroughly adding only enough milk to make a pourable glaze. Spoon glaze over cooled cake.