It's the gift Phal that Sharon started out this thread with, Ken. I'm thinking you either have a late flower stalk starting or it might be making a baby plant (we call those "keikis" which is baby in Hawaiian, I think).
If leaves grow from that bud, keep it misted and grow it until it has roots a couple of inches long, then pot it up and you will eventually have a new plant. ( couple of years before it's big enough to flower though)
If just stem keeps growing, you might or might not get a flower, but the plant itself is probably dead. Sometimes they produce a flower as an "adios".
