Yeah its mushy in the middle any chance new shoots could potentially sprout from the bulb?

Where are you located ? I already have bananas growing on one of my Basjoos. If you are in a cooler climate it could be more time until it springs up. Cut the dead stem down a few more inches and look for any new growth.

In my garden practice I never give up on things that appear "dead". I just move on - plant around things and from past experience - even months or years later - new life comes forth from something I thought had "died" a long time ago. Trim back to ground level - put a light covering of mulch over the plant - and forget about it. Who knows what surprise you one day. Cheers.

I have had a dead banana pup back up in the middle of July. It has dead above ground but the corm underground was alive and needed more time.

May 12th in a cold winter climate is way too early to give up on M. basjoo. Here in central Ohio I've had shoots emerge anywhere from late April to mid-late May (one time I'd given up on it and planted something else in its spot, and then saw multiple banana shoots emerging).

The pseudostem is likely dead. I'd leave it alone (or trim back to a few inches in height) and wait to see if new sprouts come out close by.