Back bulbs on Oncidium alliance plants are relatively easy to grow.
It is common to see the old bulbs dying off when new grow starts.
You have one nice new growth. You probably have new roots growing under it, but Oncidium roots grow extremely slow in comparison to other families like Cattleya.
Usually I would have cut the leaves from the back bulbs so the plant has now done it for you. It is too much water evaporation for the plant to sustain those leaves after division of the plant.
Oncidium Inter-generics will grow about 60% of the time from even a single back bulb.
I would leave it as is and not expect much for the next year. Patience will eventually reward you.
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