yellow leaves and rotten roots on phal...help!

[piaffe97]

Ok here's the situation. This is one of the phal's I've been having a problem with. Just after dropping its flowers I repotted because many of the roots were damaged from too much water. (thats how it was when I got it). I held off watering much and kept out of direct light, also moved into a smaller pot. Now the leaves are getting yellow and when I pulled it out of the pot it smelled really moldy and wet still. The fresh potting media was dry but most of the roots are either dried up or dark and moist. Based on the pictures....do you advanced growers think its salvagable? What do I do now?