Thanks to Nate from CF-Talk I have a copy of the malicious VBS script that is doing the damage. If you are being victimized by this attack and you need to see the script for whatever purpose, let me know and I will make sure you get a copy. I now it goes without saying, but just don't run it :).
Meanwhile there is some consensus, given the root access of this code, that an infected server cannot be trusted even after a thorough cleaning. Dave Watts and Tom Chiverton both gave such advice. While it's not always possible and it's a huge hassle, it might be the best solution to bite the bullet and do it.