Pneumonia progression: Classically, the disease has four stages:
Congestion first 24h: Vascular engorgement, intra-alveolar fluid, small numbers of neutrophils, often numerous bacteria. Grossly, the lung is heavy and hyperemic
Red hepatization or consolidation : Vascular congestion persists, with extravasation of red cells into alveolar spaces, increased numbers of neutrophils and fibrin. The filling of airspaces by the exudate leads to a gross appearance of solidification, or consolidation, of the alveolar parenchyma. This appearance has been likened to that of the liver, hence the term "hepatization".
Grey hepatization:Red cells disintegrate, with persistence of the neutrophils and fibrin. The alveoli still appear consolidated, but grossly the color is paler and the cut surface is drier.
Resolution (complete recovery):The exudate is digested by enzymatic activity, and cleared by macrophages or by cough mechanism.
I'm pretty sure it's officially the red hepatization stage, though both have the term hepatization in 'em so who knows.........