Mushy Catasetum Pseudobulb..what to do?
 

My Millennium Magic has 5 pseudobulbs and 1 is mushy at the base. I purchased it last year in leca at the end of the blooming season, it went though the winter rest and when I saw new growth, I repotted it in sphag. All other foliage and roots look good. Do I remove the mushy bulb or leave it? New to this orchid, but I don't want to loose it. Thanks experts! :(

That seems awfully wet for the stage of growth the plant is in. The whole plant needs to dry out quickly. That pseubulb is dead as far as the plant is concerned, but if you remove it, carefully remove as much of the soft rot as possible and dry it out, the pseudobulb could start a new growth. Which would be a good thing if the rot spreads to the rest of the plant, which it may.

I agree, that plant might not need any water at this point, though its probably too late change course.

The dark spot is rot and you'll have to cut it away. You'll probably have to remove the whole bulb and be sure to cut away any dark parts of plant flesh.