Broadway - 2:38 pm on May 18, 2011 (gmt 0)
This website was Pandalized by 2.0 (or at least that's my current assumption until a large number of other websites escape Panda and I find I don't), so I guess it's not the links.
What's always bothered me is Panda is always stated as an April 11th event. This website had it's first bad traffic day (off just 15%) the day before, then on 4/11 it felt the full weight of traffic loss. So, in the back of my mind I've always thought the links might be my problem and possibly not Panda.
As a solution (somewhere down the line), would transferring the linked-to page content to a new URL and 404ing the old URL clean me up in google's eyes?
Sure, the offenders could fix their broken links but they're spammers, I could see how they probably don't even check for broken links on their pages.
It'd be a shame to loose 10 years of real back links, but if it's causing the site's other pages to loose rankings, maybe it's what has to be done.