I live in south Texas. We had a disastrous freeze . I have a huge ponytail palm that was hit hard. In the weeks afterward it bled out in several colors, and produced white foam, and had spongey bark. I was told to wait and see. I see no activity. As temperatures are rising, the smell is becoming a problem. Flying bugs are swarming around it. I am ready to write it off and remove it. It seems like the bulb could possibly begin to make shoots although there is no indication of that. Is this a pipe dream?
I'm no expert but if it were my plant I would remove the portion that is rotting as it is already dead and the rot is likely to spread with or without the help of insects.