Preheat oven to 300°F.

Sift together sugar, flour, and baking soda in a mixing bowl.

In a medium-sized bowl, mix the drained fruit cocktail with the beaten eggs.

Combine the dry and wet mixtures.

Pour the batter into a greased 9x13 inch pan.

Sprinkle nuts evenly over the batter.

Bake at 300°F for 45-60 minutes, or until golden brown and a toothpick inserted into the center comes out clean.

Let the cake cool completely.

For the sauce: Beat the egg very well.

Place all sauce ingredients (butter, reserved fruit cocktail juice, powdered sugar, and beaten egg) in a small saucepan.

Heat the sauce mixture over low heat until creamy, but do not boil.

Pour the warm sauce evenly over the cooled cake.

Let the sauce set before serving.