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Bright white maze-like (possibly on the way to becoming teeth?) pored surface. Gauze-like around edges with light pink to sky blue coloring. Droplets of water or clear exudate around edges. It looked fairly young and fresh. Update: Light pink edging is likely a bacterial colony. The light blue patch at the bottom is a species of Byssocorticium fungus. Note: There is a little critter squirting water in some of these photos! :P I'm thinking a nematode?
Found on the underside of a highly rotted log in a dense mixed hardwood/coniferous forest in Northwest Georgia (Gordon County), US.