Dear DR:
You have done the proper thing so far. Additionally you should remove
the bare inflorescence ("green stalk" from which the buds have
dropped) so the plant does not waste resources making new buds rather
than roots. Water the bark when it is barely moist whihc is likely to
be about once a week, and try to keep the plant in a bright and very
humid location. Do not feed it until you see new roots of at least an
inch long.
You do not say how long you have had the plant, but all potting mixes
become decomposed, compacted, and too moisture retentive over time.
Excessive moisture and lack of air movement around the roots damages
them. If your Phalaenopsis was purchased growing in sphagnum moss, or
peat moss, it woul dhave needed to be repotted within 6 months to a
year, and failure to do this would guickly cause root damage. Withing
two years you will want to repot into medium orchid bark, as this is a
better grade for a Phalaenopsis with a healthy root system.
While it is not a sure thing, there is a good chance your plant will
recover, and be able to bloom again within two years.
Sincerely,
Dennis