I removed some links, I adjusted some of the network, and now it's either waiting for Penguin to refresh or take some additional action. Christmas is next door so I don't like to wait.
Then I read about someone doing a double 301 redirect so that's what I did, for each tanked site I bought 2 new domains.
Old domain ----301 redirect----> Buffer domain ----301 redirect----> New domain
I migrated the site to the new domain of course
Personally I think that by the time Penguin refreshes the penalty will be lifted anyway cause of the clean up so I will start building new links to the new domain as well cause as I said I did some link removal so less juice right now so can't expect the same rankings of course.
Then there is some theory that a redirect only passes 85 percent of juice so with 2 of such redirects that would be down to about 70 percent of juice.
Anyway would be nice to bank some dollars during christmas and spending $20 on domains isn't the end of the world really so even if it only holds temporarily it would still be worth it.
If you're in a similar situation I suggest you to do the same, $20 is not much really, assuming your site made at least decent money before Penguin 3.0 of course.
1) When you move your WP site to a new host make sure to rename the domain name in your SQL file, otherwise you end up with a messy site (same like I had)
2) Don't use the redirect option from your registrar, thing is that each registrar treats it in a different way, you want each of your old pages redirect to the same pages on the new domain. For example with Namecheap they redirect everything to the homepage (same like what happened with me). So instead use your .htaccess file with this code:
Redirect 301 / http://mynewdomain.com/