Preheat oven to 350 F. Grease and flour a 12 cup bundt pan. Sprinkle nuts into bottom of pan. Combine remaining ingredients in large mixing bowl. Beat four minutes on high speed, pour into pan. Bake 45 to 55 minutes until a toothpick inserted into the center of the cake comes out clean. Let cake cool and invert onto plate.
Beat all ingredients in a small bowl until fluffy.