Well I do believe in second chances. My grandma was given a Phalaenopsis as a gift for Mother's Day by one of her neighbors. It looks gorgeous until the leaves started falling and one of the two plants dried off probably crown root. I took the other one today and it was potted in soil instead of bark. When I took it out most of the root mas was gone due to root rot. Here is what's left of it. I had to cut off the dead roots and I'm sure that with some TLC it will get better.
Thank you all for your concern . It has been repotted in the original pot but now with Special Orchid Mix consisting of bark, charcoal and perlite. I'm hoping for a soon recovery.
I'd urge you to snip the spike back so the plant doesn't try to put anyenergy into it. Let it use everything it has for growth. I'd be surprised if it doesn't do just fine.