Check for snails. It looks like they have eaten most of the eyes on the old Pbulbs.
I would put it in a clay azalea pot (with side holes) in lava rock. If they are heavy waterers, the water will just run through and evaporate fast. You could throw some charcoal and peanuts in too. Big chunky pieces. You can get bags of red lava rock at Home Depot for cheap. Wash it though.
We are chronic overwaterers and that is what we do.
Example here.
http://s6.photobucket.com/user...
http://www.browardorchidsupply...
http://www.browardorchidsupply...
