I'll add that you shouldn't give up - the meristems are not visible, and it is not possible to tell with the human eye whether there are any potential growing points (eyes) remaining on a rhizome.
To expand on what I mentioned about there being a meristem at the base of every leaf or bract - look up my thread on
Oncidium back bulb propagation. In the second photo you see two sprouts from previously dormant meristems that were at the bases of two leaves now fallen. In most Oncidiums these meristems never do anything. In this case the base of the bulb and rhizome don't appear to have any meristems, but the back bulb is pushing new growth where it can. The plant from which I took these is sending up a flower spike from the meristem at the apex of the pseudobulb, something Oncidiums normally never do.