This plant had a serious bulb rot which had gone unnoticed until most of the pseudobulbs where infected except three small shriveled backbulbs.
The remaining pbulbs I managed to save were full of scars and damaged tissued that looked almost hopeless. No obvious alive buds were visible. I nearly gave up all hopes.
Now after few weeks of sphag-n-bag, a new bud miraculously emerged...from what seemed like to be a spent, dried-up bud scar.
Orchids are full of surprises, I guess.