I haven't grown this plant. My usual site to look up species is IOSPE, which I can't reach now. I read about it on other Internet sites.
I think doing surgery would harm it. I would just wait for it to grow with good conditions.
The Marni Turkel Web site says:
Quote:
In the winter less water is needed but it should not be dry for any extended period of time. Best to eliminate fertilizer during the winter season.
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As I mentioned I'm not familiar with this plant, but when other Coelogynes get too dry for too long they lose pseudobulbs just like this. I don't think you have rot, it's dessication.