I think what you have there is Cottony Stem Rot and is unrelated to the fungus affecting the sleepers, which are almost always a saprotrophic kind (ie they only live on already dead matter.) Nearly all fungal mycelia in the soil are white so it's almost impossible to tell them apart without a microscope. Here's some info on cottony stem rot and common other typical diseases which affect perennials:
Thank you. This is where my research was pointing me too. There are a couple of differences though, I wouldn’t describe it as cottony and there’s no mention of a smell. I do think it’s probably a related fungus, however, which doesn’t bode well!
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