Identification: distinctive unknown fungus

This fungus was growing out of a pine cone. have tried before on forums to get an i.d but without success.

 

No idea what it is but what an awesome looking fungus!

 

That looks awesome! I'd love to find that.

I wonder if it's a specimen of Fuligo septica...

http://waynesword.palomar.edu/slime1.htm

 

Look at the first photo on this page:

http://www.capsandstems.com/Fuligo_septica.htm

 

I would've loved to have cut it in half to see the internal structure but this looked so unique it would have been a pity to destroy it. The 'cap' reminds me of a custard tart sprinkled with nutmeg, though I think it would taste somewhat different.

 

Velvet top fungus (Phaeolus schweinitzii), a polypore that is a parasite of tall conifers, especially, and causes them Schweinitzii butt rot.
More information: http://cfs.nrcan.gc.ca/subsite/glfc-treedisease/phaeolus-schweinitzii

Cheers, Harri Harmaja
http://www.fmnh.helsinki.fi/users/harmaja/about_myself.htm

 

I've just done a search and I'm convinced you've correctly identified it. BRAVO!