| I'm thinking you have a hybrid don't you, probably a pretty complex hybrid, right?
If so, this is actually perfectly normal behavior. While pretty much all Cattleya species have sheaths, other Cattleya-Alliance plants (like Brasavola, Laelia, and others) do not. When a plant that has a sheath is crossed with one that does not, the offspring can come out either with, without, or in your case, both ways.
So nothing to worry. Enjoy your budding orchid and if possible post some pics of your blooms when they open. Folks here LOVE seeing eachothers' orchid flowers.
Cheers
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