Hey Neo. If the roots are all dried up, it's probably been underwatered. Mounted phals really need to be watered daily, with more/less depending on humidity and heat. I've learned this the hard way with several phals. How have you been growing this, and what are the conditions.
For revival, I'd leave it mounted, and take special care to keep it wet/moist at all times. Also see if you can get ahold of some root stimulant (Kelpak, KLN, SuperThrive). Just monitor it, and hopefully it'll throw some new roots and firm a few of those leaves back up. Post a photo if you can, but keep us posted.
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