If there are no living roots in the pot AND the stem is dead or dying, then you can air layer the top part. Loosely wrap moss around the area where the root nubs started to form and keep that hydrated (not wet, but moist) until root growth starts to poke through. Then you can use a clean cutting instrument to sever the top and plant it in your typical orchid potting mix. You can gently position the roots down into the mix (if they fit), but don't force them down since they can develop as aerial roots as long as you grow them with sufficient humidity.
For the keiki (i.e. the small new growth), I'd leave it on there a bit longer and try to nurture it along until it's got several or more leaves or at least until it's starting to develop its own roots. Then you can try a sphag and bag method (i.e. set it in a plastic bag with slightly moistened moss) or really any method that provides it with elevated humidity for a bit while it adapts to life on its own.
In the mean time, if you're unsure why the plant got to this point, I would recommend that you read up and ask around about its general care and requirements, then figure out what (if anything) was lacking, and work on correcting things.
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