DURING THE NIGHT CROSS COUNTRY FLT, THE ACCIDENT ACFT, IN COMPANY WITH 2 OTHERS, WAS TRYING TO LAND AT THE DEST AIRPORT IN HILLY TERRAIN. AS THE 3 ACFT APPROACHED THE AIRPORT THEY ENCOUNTERED BKN TO OVRCST CONDITIONS OF ABOUT 400 FT AGL AND VIS OF 2 MI IN RAIN. THE FIRST 2 ACFT LANDED SAFELY, BUT THE ACCIDENT ACFT MADE A GO AROUND BECAUSE THE PLT SAID VIA RADIO THAT HE 'LOST SIGHT OF THE RWY AFTER ENTERING A CLOUD.' ON THE RADIO, THE PLT SAID THAT HE WAS IN THE CLOUDS, FOLLOWED BY A REMARK 'THERE'S THE MOON.' OVER THE RADIO, THE PLT TOLD THE OTHER PLTS THAT HE WAS GOING TO A NEARBY AIRPORT TO WAIT FOR BETTER WX. GND WITNESS HEARD THE ACFT CIRCLING SEVERAL TIMES IN THE VICINITY OF THE ACCIDENT SITE BEFORE HEARING SOUNDS OF IMPACT. EXAM OF THE SITE REVEALED THAT THE ACFT STRUCK A LARGE PINE TREE NEAR THE TOP WITH ITS RIGHT WING. THE ACFT COLLIDED WITH THE GROUND IN A STEEP INVERTED NOSE DOWN ATTITUDE. THE EXTENDED WRECKAGE BEARING WAS ALIGNED WITH THE DEST AIRPORT, WHICH WAS 8 MI AWAY.