Hi, I figure I'll post something, then everybody else will follow suit.
I had an orchid that was the same way-wrinkly and distressed looking. It
started to send up a spike but all the while looked sick. I posted
that it looked like it was branching out and was really going to be
something. That's when I read it. Someone in here responded by saying
my poor sick orchid was trying to bloom and then die, as a last ditch
effort to reproduce or pollinate or whatever. I quickly snipped the
spike and the spike stump dried up. With another orchid (I like to
rescue the stragglers) I snipped off the spike and put it in water (I
don't know what this orchid looks like when it blooms) Now my orchids
can regain their health. When you do repot your orchid you might find
it has virtually no roots at all. I water mine when their almost
completely dry and get rid of the water in the drip tray.....Orchids are
resilient.....Burr