hello jeff, right down to bidness. It needs enough watering to stay moist all the time to start with. Miltoniopsis are cool growers also, and shouldn't be outside in the heat or in a hot window. They can take plenty of light with good strong airflow, but no heat at all. Have to be kept cool or its death for them. The leaves are yellow and buds drop as it got too dry and hot maybe. Yes its dying and trying to save itself dropping parts. I wouldn't divide it right now, water it and let it recover. They like to be tight in the pots, the smallish roots are tender and need lots of friends for comfort.
I would use sphagnum to re-pot and soak it down. You cant water bark enough right now if thats what you used. Use some good balanced fertilizer 1/4 strength every time you water for the next few weeks to help it along. You can also add some KLN or Superthrive for some vitamins in your water. Let Us see pics of how you are doing