What is wrong with my dendrobium?

[Reneelb]

I received this dendrobium helix hybrid two days ago as a bare root seedling. It has little black spots on the stem and leaves. And mushy spots also. I checked the roots before I potted it up yesterday and they looked ok, but it arrived with the spots!

I came home from work today and one of it's leaves had dropped off! There aren't really many leaves to loose!

If anybody knows what might be wrong and how I can treat it?

I don't want to try everything but the kitchen sink because I worry I will drown it that way.

HELP!