I purchased this Better Gro "Bag baby" labeled Cth Tzeng-Wen Free "Golden Phoenix" yesterday at Lowe's. It has two new growths on it but it also has this structure. Is it a misshapen bulb that grew without leaves or is it something else?
If you are talking about the spear-shaped growth, it looks like a new p-bulb that has a leaf at the top which has not yet opened. Alternatively, there is a light patch along the edge of the long part; it might be damage, or where half the leaf was torn away. I would leave it to heal itself.