Fruiting from under the bark with one other older specimen (on opposite side of the tree) about 6 feet off the ground on a long-dead but still standing Cottonwood tree. This mushroom was shining like a beacon from about 100 feet back into the woods. A quick check with my monocular confirmed that it was what I thought it was and would be worth a little bushwhacking to reach. Cap: 12 cm. Fleshy and flaccid. It's silky surface seems to magically reflect the light. (See last photo which realistically shows what I saw with my camera when I zoomed in to X48 from the trail). Stem: 13 cm. X 1.1 cm. (average) narrower at apex, base encased in sac-like volva. Obtained a dark-flesh colored spore print.