Hi minibot, that kind of pleating means you're not giving your plants nearly enough water. Once a pseudobulb has bloomed it won't bloom again, so those new growths, once they've matured and developed pseudobulbs of their own, are the only things that are going to give you more flower spikes!
Don't tear into them at this point. Just them be, and be sure you're giving the plants enough water and fertilizer so that their roots only dry to *bare dampness* before you water them again. To tell when that's the case, stick a Q-tip down into the pot a couple of inches. If the cotton comes up wet, wait a couple days. If / when it comes up just barely damp, rewater.