Phalaenopsis has MANY dead/rotted roots; chance of survival?

[pharaoness]

Thank you for all your help.
Someone told me the stem is too long, and that I should cut it. But all the live roots are at the end of the stem, so if I did that, I'd have to use its aerial roots instead...
Is this correct, or should I just keep it how it is and do the bag/shade/heat thing?
IF I should cut it, couldn't I keep the bottom part of it planted and maybe get keikis??
Thank you!