Browning pseudobulbs on enclyclia profusa

[Raqsharqi]

The encyclia profusa I got a month ago is not looking at all well. When I got it, one pseudobulb was mushy, so I cut it off. The plant seemed okay...not super strong, but not sickly looking. One bulb actually seemed to be putting out a leaf. Now the leaves have pretty much fallen off, and the bulbs are turning brown. I pulled it out of the pot, soaked it in a bit of seaweed and water, and mounted it, thinking it might be too wet, and sprayed it with a fungicide just in case. It is isolated.
What are the chances of it surviving? It is one of those Ecuadorian orchids I got at our orchid meeting, and so I really can't contact the grower easily.