This plant was a two pseudobulb rootless backbulb division. I had thought it had died completely but it turns out that it didn't. The sprout has started to grow since I moved it to a 3-inch pot and sphagnum last December.
I think I will keep it. It was re-potted a few months ago and deserves a chance to get used to the new pot. Besides, it is a great example of how far down an orchid can go and still make a comeback.