Whats' up Magnum,
I agree that it is a Kenya Tree Coral. (Capnella sp.)
If the picture represents the true color then it is bleached and needs more light. What do you have for lighting?
This coral can shed it's layers. It is like a mucus that will cover the other corals if it is fighting for reef space. It appears all your corals are compatible with it so I would not worry to much.