How to deal with old orchids

[cpeters5]

My worst nightmare from ebay arrived 10 days ago. It is not what I expected. An ancient cattleya Intermedia in an 8" slat.

There are hundreds of bulbs with a new colony formed next to it. Lots of old dead roots. How can I transform this old plant into a healthy specimen? And How do I remove the new colony to a new slat without damaging much of its roots? I am thinking of destroying the slat and just put the pieces of wood with the new colony attached to them into a new basket. But is there another way to keep the old slat intact?
pax