Hi Chuck, and welcome. The bad news is it looks like the top part of the tree has had some sort of systemic collapse and has died back. The good news is that the tree is still very much alive, as evidenced by all those vigorous shoots at the base. It may have gotten knocked back by an unusually bitter cold snap, or was affected by bacterial or fungal pathogens, possibly spread by borers. Your description of the white material says that fungus are in there now, but whether they did the deed or are opportunistically going to work on the dead
wood is up for debate. I would cut it down to the level where lots of growth is taking place, leaving a clean angle on the stump to shed
water. Then I'd do an autopsy on the top, cutting it into pieces and looking closely at the cambium and interior wood to see if there are any clues to what happened.
I'd also avoid putting anything on the cut stump except for a thin coating of limewash or clay to discourage bugs from burrowing in. Let those shoots grow this year, and next winter when the leaves are gone thin them to a handful of new trunks. Put the rest in damp sand in a shed and then move them into the sun in the spring. In case the old tree dies completely on you, this way you've got clones to replace it.