The bulbs definitely don't look like they're in good shape. Quite dehydrated.
The roots in the original pics looks like they had been rotting. Maybe a combination of too much water on roots for too long a time plus cold temperatures. That is - the mention of cold plus wet roots is not a nice combination.
And cold plus wet roots/media ---- waterlogged media. Not good.
The green bulb at least still shows signs of chances of allowing the plant to grow a new shoot from the side. But the media and growing conditions need to be sorted out - otherwise it will go downhill even more.
What you could do is to take some bits out of
this pic here.
I was figuring that if catasetums can grow on top of power poles, then it will grow in scoria. And indeed they do grow very well in scoria in my growing area in the tropics.
To avoid the rotting roots ----- choose a watering method or watering schedule or watering amount that avoids getting the media super wet or water-logged. Orchid roots - including catasetum - can (will) drown if they don't get enough oxygen. And that oxygen can come from maybe the air, and also maybe from water that can keep moving at an adequate rate. Water that doesn't move much or at all can lead to the roots running out of oxygen in the media. They run out of oxygen - then die - which leads to other unwanted results.