I have never heard of Den kingianum canes referred to as BBs. I agree with KOOG in leaving it alone for now. Certainly, do NOT split off one cane at a time! I might think about repotting it as a whole in a finer mix when the weather warms, but the first thing I would consider is the overall cultural conditions you are giving it. Die back of canes usually indicates too dry a media or too wet a media which has broken down.
The plant came to me in this condition from an area of Australia where Dendrobium Kingianum is not endemic. I guess it got too much sun and a very hot breeze at one point.
I eventually repotted the plant and removed many of the leafless bulbs, leaving three on the clump... and bagging the rest in sphag.
I've now got lots of new growth from the old backbulbs.... I guess around 20 new plants in total are forming... 8 on these three stalks alone.