Help! Rotting pseudobulb on Oncidium 'Space Race 'Coco'

[Um...]

Hi all! I have a rotting pbulb on my intergenetic onc and would like some guidance on how to take care of it.

This particular bulb is old and doesn't have any leaves left on it, but there is both new and existing growth from the base that has been growing slowly. The bulb is turning brown, is very squishy (like a rotting pumpkin), and is starting to split horizontally a bit.

Ideally I'd like to just remove the rotting bulb and replant, but I'm not sure if that's the best plan, if I need to treat the plant at all, or how to even go about it.

Any assistance with this issue would be much appreciated!

(tried to attach photo of the rotting pbulb, but its not liking photobucket/uploading for some reason??)